XRP ETF Moves Closer to Approval as WisdomTree Joins Race

New York-based asset management firm, WisdomTree, has filed for an XRP exchange-traded fund (ETF), marking a significant step in the growing interest around XRP. The firm submitted its S-1 filing to the U.S. Securities and Exchange Commission (SEC), adding to the recent positive sentiment surrounding XRP.

The filing has sparked optimism in the cryptocurrency market, particularly for XRP. Investors and traders are showing more confidence in the asset, as the filing highlights key details about the fund. The Bank of New York Mellon will serve as the fund’s administrator, while the product will be listed on the Cboe BZX Exchange. WisdomTree now joins other firms like Bitwise and Canary Capital in seeking an XRP ETF listing.

XRP’s Bullish Price Surge and Institutional Interest

XRP has seen a significant price increase in recent weeks, riding the wave of bullish market trends. The filing for an XRP ETF signals growing institutional interest, which could further boost the asset’s adoption. Experts point to the anticipated change in U.S. SEC leadership as a contributing factor to the positive outlook for XRP.

On January 20, 2025, SEC Chair Gary Gensler will step down, and many in the crypto community expect the new administration to adopt a more crypto-friendly approach. This shift could encourage institutional players to enter the market.

Growing Investor Interest and XRP’s Market Surge

At the time of writing, XRP continues its bullish run, trading at $2.35—up 23.5% in the last 24 hours. Trading volume has surged by 218.22% to $35.74 billion, reflecting growing investor interest.

Earlier, XRP briefly reached $2.50, its highest price in six years. Analysts attribute this surge to several factors, including increased whale activity and higher wallet engagement.

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Overall, the filing for an XRP ETF signals increasing optimism and institutional momentum for XRP, with many expecting more altcoins to gain institutional traction in the coming months.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.