The global asset management firm WisdomTree has submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) for the creation of a spot XRP-based exchange-traded fund (ETF). This move comes amidst XRP’s remarkable performance in the cryptocurrency market, where it recently overtook Tether’s USDT to become the third-largest cryptocurrency by market capitalization, following Bitcoin (BTC) and Ethereum (ETH).
XRP Overtakes Tether to Claim Third Spot
With a market capitalization of $141.8 billion, XRP has surpassed Tether’s $134.5 billion, marking a significant milestone. XRP’s price has surged by 30% in the last 24 hours, reaching $2.46, which represents a staggering 364.1% gain over the past month.
Ripple’s association with XRP and its growing ecosystem have further solidified its position. The upcoming launch of Ripple’s stablecoin RLUSD, reportedly approved by the New York Department of Financial Services (NYDFS), is seen as a major catalyst for XRP’s rise. Experts suggest the stablecoin could be launched as early as December 4, adding more utility to Ripple’s ecosystem.
SEC Case and Spot XRP ETFs Fuel Optimism
Ripple’s ongoing legal battle with the SEC, which began in 2020 over allegations of unregistered securities sales totaling $1.3 billion, has taken a favorable turn. SEC Chair Gary Gensler’s resignation in January is expected to pave the way for a potential settlement, easing regulatory pressure on Ripple and enabling it to focus on ecosystem expansion.
The interest in XRP has also been fueled by multiple spot ETF applications. Apart from WisdomTree, firms like 21Shares, Canary Capital, and Bitwise have submitted filings for XRP-based ETFs. Analysts believe that if approved, these ETFs could significantly enhance XRP’s market influence and adoption.
Ripple’s Ecosystem Poised for Growth
Market participants anticipate that Ripple’s stablecoin launch and potential ETF approvals will add considerable value to the XRP Ledger ecosystem. These developments are expected to strengthen XRP’s position in the crypto market, both in terms of price performance and utility.
As highlighted by Dey There, XRP’s recent surge demonstrates its resilience and growing appeal among investors. With the right regulatory and market conditions, XRP could continue its upward trajectory, solidifying its status as a top cryptocurrency.
XRP, Ripple, SEC case, XRP ETF, stablecoin RLUSD
