Ripple just announced plans to invest in Bitwise Physical XRP ETP – an exchange-traded product (ETP) recently rebranded from European XRP ETP. This announcement caused XRP's price to surge by 7.2% to $1.43, achieving a 26.8% increase in just one week, according to data from CoinGecko.
Momentum From The New Legal Environment
CEO #Ripple Brad Garlinghouse stated that investing in Bitwise Physical XRP ETP aligns with the trend of increasing interest in investment products linked to cryptocurrency assets:
"The legal environment in the U.S. regarding crypto is finally becoming clear. This will drive demand for products like Bitwise Physical XRP ETP."
Garlinghouse also emphasized that XRP is a high-value digital asset, with good liquidity and practical applications, playing a core role in the market's development trend.
XRP: The Focal Point of Attention Amid Legal Context
Ripple has been very cautious in asserting that they are not the issuer of XRP. $XRP is used as a native currency on the Ripple network to conduct international currency transactions. However, the legality and legal status of XRP are still being resolved in a 4-year-long lawsuit with the U.S. Securities and Exchange Commission (SEC).
News of XRP's price surge last week came after Chairman #SEC Gary Gensler announced he would resign on January 20 – coinciding with the inauguration of President-elect Donald Trump. The market expects Gensler's departure will expedite the resolution of the lawsuit.
Interest in XRP ETF
Ripple is not the only entity targeting products related to XRP. Recently, WisdomTree filed for an XRP ETF with the SEC, marking the first step in bringing this product to the U.S. market.
Conclusion
Ripple's investment in Bitwise Physical XRP ETP not only strengthens XRP's position in the digital asset portfolio but also affirms optimism ahead of legal developments in the U.S. With growth potential and practical applications, XRP is becoming the focal point of global investor attention.
