WisdomTree has filed an application with the SEC for an XRP ETF, supported by Bank of New York Mellon.
XRPās rally of 400% boosts optimism for regulatory approval of its first U.S.-based ETF by WisdomTree.
WisdomTree has applied for S-1 approval of an XRP-based Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC.). Driven by rising institutional interest and favorable market conditions, XRP has skyrocketed by over 400% in the last 30 days, swapped hands at $2.64, and this development comes as a result.
With controlled access to XRP, the third-largest cryptocurrency by market capitalization, the planned ETF seeks to give investors Specifically, The Bank of New York Mellon will play a crucial role as the administrator, fund accountant, and transfer agent for this ambitious trust.
Renewed Push for XRP ETF Amid Growing Institutional ConfidenceĀ
Joining previous ideas from Bitwise and other well-known companies, this filing represents another attempt to bring an XRP ETF to the U.S. financial markets.
Given the growing momentum around XRP following Rippleās partial success in its legal fight against the SEC earlier this year, WisdomTreeās timing is especially opportune.
The courtās decision confirmed XRPās position as not being intrinsically a security, therefore boosting investor trust and major capital inflows. The market is waiting nonetheless as the SEC has not yet approved any XRP-oriented ETFs.
The action of WisdomTree also aligns with more general institutional acceptance of XRP as a tool for liquidity control and cross-border payments. Approved, the ETF would possibly streamline access for traditional investors and match regulatory systems.
Analysts have noted that the introduction of such regulated goods could spur more XRP adoption, especially in the United States, where past regulatory uncertainty has usually restricted development.
Moreover, the timing fits changing dynamics inside the SEC. The imminent resignation of Chairman Gary Gensler has spurred rumors of a more favorable regulatory climate for crypto, including likely clearance of new crypto products.
This background gives the hope for WisdomTreeās implementation more weight. Market analysts are especially looking for indications from the SEC since approval will have a major effect on the value of XRP as well as the whole crypto market.
XRP has beaten Solana (SOL) and Tether (USDT) to maintain its third-largest cryptocurrency ranking, according to a prior CNF report. An analyst credits the amazing surge to the regulatory changes and the expectation of new products like RLUSD and ETFs.
