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New York-based asset management giant WisdomTree Funds has officially filed for an XRP-based exchange-traded fund (ETF) in Delaware. This move not only highlights the growing institutional interest in XRP but also underscores its increasing importance in the financial world. If approved by the SEC, this ETF could signal a transformative shift in the digital asset market.
WisdomTree Joins the XRP ETF Race
WisdomTree is now the fourth major financial institution to submit an XRP ETF application, following similar moves by Bitwise, Canary Capital, and 21Shares. Ripple CEO Brad Garlinghouse has emphasized that the demand for XRP ETFs is becoming inevitable, reflecting the broader institutional embrace of this digital asset. Additionally, Grayscale is exploring the conversion of its XRP Trust into an ETF, further amplifying industry momentum.
Will the SEC Approve XRP ETFs?
The regulatory path forward remains uncertain, as the SEC continues to deliberate on the approval of XRP ETFs. However, recent political developments are creating an air of optimism in the crypto sector. Reports suggest that SEC Chair Gary Gensler may step down in January 2025, while former President Donald Trump, known for his crypto-friendly policies, reemerges on the political stage.
These factors, combined with XRP’s strong market performance, have bolstered investor confidence. Following WisdomTree’s filing, XRP’s price rose by 3.68% in the last 24 hours. Over the past week, it has surged 29%, and its monthly gains stand at an impressive 182%, further showcasing its resilience.
A Pivotal Moment for XRP
The filing of XRP ETFs by prominent institutions signals a new phase of institutional adoption for the digital asset. If approved, these ETFs could pave the way for broader market participation and enhance XRP’s position as a leading cryptocurrency.
Stay tuned to Turkish NY Radio for the latest updates on XRP, ETFs, and the evolving regulatory landscape.
