XRP ETF: WisdomTree Joins Bitwise in Push For Approval

One of the foremost United States spot Bitcoin (BTC) Exchange Traded Fund (ETF) issuers, WisdomTree, is seeking an XRP ETF.

It has successfully applied with the Securities and Exchange Commission (SEC) to list the offering dubbed the WisdomTree XRP Fund. Noteworthy, WisdomTree is the fourth company in the US to submit a Form S-1 for a spot XRP ETF.

The other three include Bitwise, Canary Capital, and 21Shares.

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WisdomTree XRP ETF Filing and Prospects

Notably, the WisdomTree registration statement came weeks ago with the S-1 statement now making it official.

The Asset manager has not yet set the ticker for the XRP trust nor specified the expected sponsor fee. Hence, the investment firm will likely update its SEC filing very soon to increase approval odds.

In its filing, WisdomTree revealed that the Bank of New York Mellon Corp. (NYSE: BK) will serve as the trustee. The banking giant’s role will also include fund accountant and transfer agent for the trust.

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This comes only a few weeks after the asset manager launched the WisdomTree Physical XRP ETP.

Like the potential XRP Trust, this product seeks to offer investors secure access to XRP as an asset class. XRP fully backs the WisdomTree Physical XRP ETP, giving non-US institutional investors a chance to own the altcoin.

This new development suggests that XRP is receiving more positive attention despite its four-year legal debacle regarding its securities status with the SEC.

In the coming weeks, more asset managers may follow in the footsteps of WisdomTree, Canary Capital, Bitwise, and 21Shares.

Growing Hype Around XRP Price

In light of this outlook, several traders and investors expect XRP to continue on its ongoing massive rally.

Though currently up by 34.1%, XRP’s market capitalization, $157.56%, is still trailing behind that of Bitcoin and Ethereum.

Apart from the potential of a spot XRP ETF, the broader crypto ecosystem has seen a huge change lately. This change is hinged on Donald Trump’s victory in the US presidential elections and the promise of crypto reforms.

With SEC Chair Gary Gensler announcing his departure from the agency, much interest has grown in the industry.

Should this become a reality, all charges levied by the SEC against blockchain payments firm Ripple may be dropped. In other words, a change in the SEC administration Under Donald Trump might turn out bullish for XRP.

Will XRP hit ATH?

XRP’s price value comes in at $2.73, equivalent to a 33.08% increase in the last 24 hours.

While this is still far from its all-time high (ATH) of $3.40 in March 2018, analysts project that XRP will reach this level soon. From a technical standpoint, XRP’s price is well-poised to hit a rally that outweighs its ATH.

XRP price has broken out of a macro triangular pattern, signaling the onset of a fresh bull cycle.

Its weekly and monthly Relative Strength Indexes (RSI) have equally surged beyond the 70 level. This is an indication that the bulls are in control. In addition, the token is gaining traction from institutional investors, with many seeking exposure to the altcoin.

Amid this optimism, there are chances there may be a correction in the long run. With more than a 70 RSI, a reversal is considered a natural trend to expect.