BREAKING: First XRP ETF Filed By Crypto Asset Manager Bitwise In Delaware

bitcoinistPublished on 2024-10-01Last updated on 2024-10-02

Abstract

As Ripple approaches a resolution in its ongoing legal dispute with the US Securities and Exchange Commission (SEC), crypto asset...

As Ripple approaches a resolution in its ongoing legal dispute with the US Securities and Exchange Commission (SEC), crypto asset manager Bitwise Invest has taken a significant step by filing the first application for an spot XRP ETF in Delaware. 

Bitwise’s XRP ETF Application

This filing, reported by Fox journalist Eleanor Terret, was officially submitted on September 30, and sources within Bitwise have confirmed the authenticity of this development. The approval of this ETF could have considerable implications for the broader cryptocurrency market.

Related Reading: CME Group Launches Record-Breaking Bitcoin Friday Futures With 30,000 Contracts

The filing comes at a pivotal moment for Ripple, as the company is awaiting the SEC’s decision on whether to appeal a recent court ruling that could potentially pave the way for greater regulatory clarity around XRP. 

Should the SEC choose not to appeal, it may bolster the case for XRP as a viable investment option, making the timing of Bitwise’s application particularly strategic.

However, the path to approval is not straightforward. Like previous applications for Bitcoin and Ethereum ETFs—which were approved in January and July of this year, respectively—Bitwise’s filing will need to undergo rigorous scrutiny and meet various regulatory requirements set forth by the SEC. The agency’s review process can be lengthy, and approval may not come until next year.

Ripple Effect

The filing of an XRP ETF could also signal a shift in the regulatory landscape, potentially opening the door for other financial institutions, such as BlackRock, to pursue similar applications. 

Moreover, this development may create a ripple effect for other cryptocurrencies seeking to enter the ETF space. Speculation is already growing around the possibility of a Solana ETF, which could be the next asset to attract interest from investors.

Related Reading: Bitcoin Drops Below $63,000: Are Geopolitical Issues And Gold Movements To Blame?

It remains to be seen what other information can be revealed in the coming days by the asset manager, but the first filling of the first US spot XRP ETF is official.

XRP ETF
The 1D chart shows XRP’s price showing no changes from its 24-hour performance following XRP ETF filing. Source: XRPUSDT on TradingView.com 

At the time of writing, the XRP price has shown no change from the broader market, posting losses of 3% in the 24-hour time frame, resulting in a current trading price of $0.6028.

However, a potential XRP ETF market could have a notable price impact as more institutions could flock to invest in the token. 

Featured image from DALL-E, chart from TradingView.com 

Ronaldo Marquez

Ronaldo Marquez

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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What is XRP 2.0

XRP 2.0: A New Frontier in the Cryptocurrency Landscape Introduction to XRP 2.0 In the ever-evolving realm of cryptocurrency, new projects continuously emerge, vying for attention and adoption. One such promising initiative is XRP 2.0, a novel cryptocurrency project designed to leverage advanced blockchain technology and robust encryption methodologies. While the name draws parallels with Ripple’s XRP, it’s crucial to note that XRP 2.0 operates independently, focusing on enhancing transaction security, privacy, and scalability. As the digital financial landscape increasingly embraces decentralized solutions, XRP 2.0 aims to contribute meaningfully to web3 and the overall expansion of crypto projects. What is XRP 2.0? At its core, XRP 2.0 is a cryptocurrency project that aims to create a secure and decentralized digital currency ecosystem. Its foundational technology integrates sophisticated blockchain principles with cutting-edge encryption techniques. The overarching goal of XRP 2.0 is to establish itself as a reliable and efficient platform enabling swift transaction execution while prioritizing enhanced privacy protections for its users. The project is promoted as a solution to many limitations faced by existing cryptocurrencies, proposing a system that can handle a higher volume of transactions with improved speed and privacy. This versatility positions XRP 2.0 as a significant contender in a marketplace riddled with various digital currencies. Who is the Creator of XRP 2.0? The identity of the creator behind XRP 2.0 has been flagged as ‘Wilbur.’ However, comprehensive details regarding Wilbur or their associated entity remain elusive. The anonymity of many cryptocurrency creators is not an uncommon phenomenon in the industry, often designed to maintain a degree of privacy and security. Who are the Investors of XRP 2.0? As of now, specific information related to the investment foundations or organizations supporting XRP 2.0 is not publicly available. In the cryptocurrency sector, the backing by reputed investors can significantly influence a project's credibility and success, yet the transparency regarding the financial supporters of XRP 2.0 has not been established. How Does XRP 2.0 Work? XRP 2.0 stands out by employing a combination of blockchain technology and advanced encryption algorithms that ensures secure and decentralized transactions. Its innovative structure includes unique features designed to foster user engagement and broaden functionalities beyond conventional cryptocurrency transactions. Among these features, XRP 2.0 incorporates AI-powered capabilities, such as text-to-image and text-to-speech functionalities. These additions are designed to enhance the interactive experience for users, promoting broader applicability across various sectors. By bridging technological advancements with user-centered design, XRP 2.0 aims to capture the attention of a diverse range of individuals and enterprises looking to integrate cryptocurrency solutions into their operational frameworks. Timeline of XRP 2.0 Understanding XRP 2.0 requires examining the milestones that have defined its journey thus far: July 23, 2023: XRP 2.0 is introduced as a novel cryptocurrency project, aiming to revolutionize secure and decentralized transaction capabilities in the blockchain domain. September 8, 2023: The launching of another project, XRP20, occurs, marking the emergence of an ERC-20 token on the Ethereum blockchain that remains unrelated to XRP 2.0. November 13, 2023: The XRP Ledger undergoes a significant update with the release of rippled server software version 2.0.0. It is essential to note that this development is disconnected from the XRP 2.0 cryptocurrency project. Key Points About XRP 2.0 To distill the essence of XRP 2.0, several critical factors emerge: Unique Features: The inclusion of features like AI-powered text-to-image and text-to-speech further diversifies the potential applications of XRP 2.0. Blockchain Technology: The framework utilizes advanced blockchain mechanisms and encryption protocols, ensuring a secure and decentralized environment for transactions. Scalability and Privacy: XRP 2.0 prioritizes enhanced privacy protections in transaction processes and the scalability necessary to accommodate a growing user base. No Affiliation with Ripple: Importantly, despite its name, XRP 2.0 does not have any allegiance or collaboration with Ripple’s XRP, distinguishing its operational framework and objectives within the cryptocurrency ecosystem. Conclusion XRP 2.0 represents an ambitious venture into the cryptocurrency sphere, aiming to offer a combination of security, privacy, and efficiency in digital transactions. By integrating sophisticated technologies and user-friendly features, the project sets out to broaden the horizons of what cryptocurrency can achieve in today's digital economy. While the anonymity of its creator and lack of disclosed investors might raise questions for some, XRP 2.0's focus on advanced functionalities and decentralisation enhances its appeal amidst an increasingly crowded crypto market. As the cryptocurrency landscape continues to evolve, XRP 2.0 may yet emerge as a pivotal player in the expansion of secure and scalable blockchain solutions.

1.1k Total ViewsPublished 2024.04.01Updated 2024.12.03

What is XRP 2.0

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