Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. This filing comes as the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.
WisdomTree’s Growing Interest in XRP ETFs
According to a post on X by Fox journalist Eleanor Terrett, the asset manager has filed for an XRP Fund in Delaware. Moreover, Terrett confirmed the legitimacy of the filing with WisdomTree, a company managing over $100 billion in assets.
Recently, the organization also introduced its physical Ripple ETP in Europe, which marked the start of the asset manager’s foray into XRP investment products. Furthermore, the latest Delaware filing reiterates the firm’s growing interest in Ripple’s native token.
🚨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
In addition to WisdomTree, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP exchange-traded funds with the U.S. Securities and Exchange Commission.
Analysts Expect XRP Price Surge
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The news has driven a significant price surge for XRP, with its value rising over 10% in intraday trading. The token is now above the $1.50 mark, a critical resistance level that analysts believe could pave the way for further gains. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.
Renowned analyst Armando Pantoja has issued an even more bullish long-term outlook, suggesting XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) may resolve favorably in early 2025.
Pantoja’s prediction ties closely to political developments. Donald Trump’s anticipated return to the presidency on January 20 is expected to coincide with the resignation of current SEC Chair Gary Gensler, a noted critic of cryptocurrencies. Additionally, SEC Commissioner Jaime Lizárraga, a Gensler ally, has also announced his resignation.
Market participants see these changes as potentially ushering in a more crypto-friendly regulatory environment. This could enhance the adoption prospects for assets like XRP, potentially increasing the odds for the launch of a spot XRP ETF.
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Also Read: XRP Surges Amid Record Open Interest; Can Ripple Price Hit $30?
