New York-based asset management firm WisdomTree has filed a preliminary application for an XRP exchange-traded fund (ETF) in Delaware. The filing is the first step ahead of an official filing with the U.S. Securities and Exchange Commission (SEC), which is expected to happen in the coming days.
The information about WisdomTree was initially released by Eleanor Terrett, a journalist for Fox Business, through the X platform. According to the document, the registration of the “WisdomTree XRP Fund” was carried out on November 25th.
Known for its solid position in the global ETF market and with over 100 billion USD in assets under management, WisdomTree confirmed the authenticity of the registration.
This development places the company as one of the pioneers in introducing an XRP ETF in the United States. In fact, it follows in the footsteps of other companies such as 21Shares, which also registered its XRP ETF with the SEC recently.
🚨NEW: Global ETF provider @WisdomTreeFunds has registered in the state of Delaware for an $XRP ETF. I have confirmed with the company this is a legitimate filing.
Wisdom Tree has over $100 billion in assets under management. pic.twitter.com/BXutcLIW3x
— Eleanor Terrett (@EleanorTerrett) November 25, 2024
XRP Token Recovers Uptrend
This Monday (11/25), at the time of writing this article, the value of XRP rises more than 7%, fueled by a series of recent events in the cryptocurrency sector.
Large investors, or “whales,” are showing growing optimism about the cryptocurrency, accumulating a significant amount of the token. According to media reports, these investors bought more than 250 million XRP last weekend alone.
More importantly, this wave of accumulation has created strong buying pressure that has been instrumental in driving XRP’s price up today. Furthermore, activity in the derivatives market reinforces investor confidence in the cryptocurrency.
According to data from Coinglass, there has been a significant increase in open interest for XRP futures on major exchanges. Traders are placing large bets on the cryptocurrency, with ByBit in particular seeing an increase of nearly 5% to 682 million USD.
Finally, on OKEx, the increase was 8%, reaching 126 million USD. This dynamic led to XRP’s total open interest recently reaching a new record, surpassing 2.50 billion USD.
Ripple Launches First Tokenized Fund, Improves Outlook for XRP
Furthermore, XRP’s fundamentals have also contributed significantly to its market appreciation. Ripple, the company that manages XRP, has announced the launch of a tokenized money market fund , operating directly on the XRP Ledger (XRPL). This move is part of a series of strategic partnerships that promise to expand the applicability of the cryptocurrency.
Given this encouraging outlook, financial analysts are optimistic about XRP’s growth potential. Mikybull Crypto, a renowned cryptocurrency analyst, predicts that XRP could reach 2 USD by the end of this week, marking a strong monthly close. CrediBULL Crypto also sees the coin reaching this level before the end of the month.
In a comment on social media platform X, CrediBULL Crypto highlighted XRP’s “fantastic” performance, noting that its rise also depends on the stability of the Bitcoin market. Finally, he expects XRP to reach at least 1.60 USD, and suggests that this could be the beginning of an even greater advance for the cryptocurrency.
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