WisdomTree Files S-1 For XRP ETF With US SEC

idesWisdomTree has caught the eyes of investors today with its latest S-1 filing for XRP ETF Fund with the US SEC. Notably, this comes as XRP has noted a strong rally recently, surpassing the market cap of Solana and USDT. In addition, the filing also showcases the market confidence towards the digital assets and its regulatory dynamics, especially after Donald Trump’s election win.

WisdomTree Files S-1 For XRP ETF Approval

WisdomTree’s S-1 filing for an XRP ETF, registered in Delaware, has sparked optimism across the crypto industry. This development follows XRP’s remarkable rally, which underscored its growing market relevance.

Investors have shown renewed enthusiasm for digital assets, viewing this ETF as a milestone for broader institutional acceptance. Besides, WisdomTree’s filing comes after other major players like Bitwise, 21Shares, and Canary Capital, have already filed for the same with the SEC.

Notably, XRP’s momentum is part of a larger crypto resurgence driven by Donald Trump’s recent election victory. Market participants anticipate more crypto-friendly policies under his administration, which could accelerate ETF approvals. Notably, the experts have predicted a flurry of altcoins to witness their ETF launch in the US under the Republican government.

In addition, Ripple CEO Brad Garlinghouse has also expressed optimism about XRP’s potential growth. Besides, he revealed ongoing discussions with the Republican administration, further boosting market confidence. However, the timing is notable as SEC Chair Gary Gensler is set to step down by January next year.

His departure, whom many deem as an anti-crypto regulator, could usher in leadership that supports pro-crypto reforms. A Coinbase executive recently suggested that under Trump, crypto-specific legislation could pass “quickly”, signaling a favorable environment for institutional crypto adoption.

XRP Soars Past The $2 Mark

XRP price has noted a massive rally amid WisdomTree’s XRP ETF filing, as evidenced by its 22% surge to $2.34. The recent rally in crypto has helped it to surpass the market cap of Solana and USDT. The trading volume of Ripple’s native crypto rocketed 206% to $34.93 billion. Notably, the crypto has touched a high of $2.49 and a low of $1.89 in the last 24 hours.

According to CoinGlass data, XRP Futures Open Interest rose nearly 17% to $3.91 billion, indicating strong market confidence. In addition, the Ripple whales are also on a buying spree, as evidenced by the recent developments in the market.

Meanwhile, popular on-chain analytics platform Santiment highlighted the XRP’s recent surge to its new high since January 8, 2018. In a recent social media post, the platform said that large XRP holders or wallets with 1 million to 10 million coins have accumulated around 679.1 million tokens, worth around $1.66 billion in just three weeks. Besides, it stated that “total non-empty XRP wallets have eclipsed 5.5M for the first time in the coin’s 8+ year history.”

In addition, CryptoQuant founder and CEO Ki Young Ju said that Coinbase whales are primarily driving the XRP rally. He said “Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13%” amid the ongoing price rally. Conversely, the leading Korean crypto exchange, Upbit, which has more XRP investors than Binance, sees no significant premium so far.

These updates also showcase the investors’ growing confidence in the crypto. Simultaneously, the latest ETF filings with the US SEC due to a pro-crypto regulatory shift anticipation in the US have further bolstered market confidence.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.