- Ripple’s XRP token remains largely unaffected by Bitwise’s XRP ETF filing.
- Kaiko says the SEC is unlikely to approve Bitwise’s XRP ETF application.
- The XRP futures market faced a downturn in open interest for perpetual contracts last week.
Despite Bitwise’s recent filing for an XRP ETF, XRP’s price has dropped nearly 20% since the end of last month. Market analysts at Kaiko suggest the chances of SEC approval for the ETF are slim, which may be contributing to the negative price action.
This decline mirrors the overall bearish trend in the cryptocurrency market. However, the lack of any positive price action on XRP following the ETF filing has surprised some investors, who expected the news to be a bullish catalyst for XRP.
XRP Dips Despite Bitwise’s ETF Filing
On October 2, 2024, Bitwise started the process of launching its XRP ETF, filing for the “Bitwise XRP ETF” entity with Delaware’s Department of State’s Division of Corporations. When the asset manager filed an initial registration statement with the SEC for an exchange-traded product for XRP tokens, the community expected a market surge. However, XRP’s value dropped, falling by nea…
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Source: https://coinedition.com/xrp-price-drops-20-no-respite-despite-bitwises-xrp-etf-filing/