Leading crypto asset manager Bitwise Asset Management has delivered a substantial boost to the XRP ecosystem by announcing the rebranding of its European XRP ETF to the Bitwise Physical XRP ETP.
Previously known as the ETF Group Physical XRP, the newly rebranded product will trade on Germany’s Deutsche Börse XETRA under the ticker GXRP.
According to a Wednesday blog post from the firm, this move is part of a strategic overhaul of Bitwise’s European product lineup, enhancing its appeal to institutional investors seeking regulated exposure to XRP. Originally launched in 2022 under the ETC Group, the rebranded ETP remains fully backed by physical XRP.
Ripple, a global leader in digital payments, also committed to investing an unspecified sum in the newly branded Bitwise Physical XRP ETP, underscoring its confidence in the product’s potential and long-term relevance.
Bitwise CEO Hunter Horsley highlighted the robust track record and evolving capabilities of the XRP Ledger (XRPL), a blockchain with over a decade of proven reliability. “We’re thrilled to provide investors with access to this innovative asset through an institutional-quality product,” Horsley noted, signaling the product’s potential to attract significant institutional interest.
Ripple CEO Brad Garlinghouse echoed this sentiment elsewhere, emphasizing the surging demand for crypto-backed investment vehicles. “XRP’s liquidity, utility, and resilience make it a cornerstone asset for institutional investors,” Garlinghouse said, reflecting the broader market’s growing confidence in XRP.
Bitwise’s announcement places the firm among a competitive field of asset managers, including WisdomTree, Canary Capital, Franklin Templeton, and 21Shares, all vying to launch XRP-focused investment products.
Meanwhile, while U.S. regulatory approval for XRP ETFs remains pending, Ripple’s recent courtroom victories and the prospect of a pro-crypto administration under President-elect Donald Trump have bolstered market optimism. Notably, Trump’s campaign promises to prioritize crypto innovation, hinting at a potential regulatory shift that could accelerate approvals for XRP-based financial products, adding further momentum to the market.
With Bitwise’s rebranding, Ripple’s strategic backing, and XRP’s expanding use cases in remittances and tokenization, the digital asset is solidifying its position as a favored investment choice.
That said, the rebranding coincides with XRP’s impressive rally, which has climbed over 36% in the past week to $1.62 on Saturday. This surge has sparked optimism that the coin could surpass its 2018 all-time high of $3.84.
However, investors should exercise caution, as the recent price spike has prompted increased profit-taking. Data from the crypto analytics platform Santiment shows that XRP holders have realized over $1.5 billion in profits over the past week, the highest level since April 2021.
This significant profit-taking trend appears to be driven by long-term holders capitalizing on the recovery after enduring XRP’s extended downturn since 2022.
At press time of writing, XRP was trading at $1,69, reflecting a 16% surge in the past 24 hours.
