The race to launch an XRP exchange-traded fund (ETF) in the US is heating up! WisdomTree, a big name in the ETF world, just filed paperwork with the SEC to get their own XRP ETF approved. This makes them the fourth company to try for this.
WisdomTree’s XRP ETF Plans
WisdomTree’s proposed ETF, simply called the WisdomTree XRP Fund, will let investors bet on XRP’s price. They’ll use a clever method to create and redeem shares, possibly switching to a different method later if things work out. Coinbase, a major player in crypto, will handle the behind-the-scenes stuff like keeping XRP safe and executing trades. They’ve worked with WisdomTree before on a Bitcoin ETF. WisdomTree even pointed out Coinbase’s importance in the whole XRP ETF scene.
The Competition is Fierce
WisdomTree isn’t alone in this. Bitwise, Canary Capital, and 21Shares have already filed their own applications. Bitwise was first, followed by Canary and then 21Shares.
XRP’s Price is Soaring
All this ETF activity comes at a great time for XRP. Its price has exploded recently – up 41% in just one day and a whopping 430% in the last month! It’s now worth around $2.71, and trading volume is way up too. It’s getting close to its all-time high from 2018.
Political Winds of Change?
Some people think this price surge is partly due to recent political changes, especially the election of President-elect Donald Trump. Trump’s promised changes to crypto regulation, along with the departure of SEC Chair Gary Gensler, has created a more optimistic outlook. The SEC has been battling Ripple (the company behind XRP) for years, but things might be changing.
