The XRP price has jumped higher today following an announcement that fintech firm Ripple plans to invest an unspecified amount in a newly rebranded Bitwise Physical XRP ETP (previously called the ETF Group Physical XRP).
XRP is up 6.4% over the past 24 hours to $1.44 at the time of writing, as per CoinGecko data. Today’s unprecedented rally puts the token 26.2% higher than it was at the same time last week.
Ripple To Invest In Bitwise Fund
On Nov. 27, Bitwise announced it would rebrand its European XRP ETF to the Bitwise Physcial XRP ETP as it strengthens its presence in Europe. The ETP will trade on Germany’s Deutsche Börse XETRA under the ticker GXRP.
After acquiring crypto investment firm ETC Group, Bitwise rebranded in August, following Its foray into the European market. The XRP ETF is part of the company’s broader suite of crypto asset products. Bitwise also offers spot and Bitcoin and Ether exchange-traded funds in the United States. The 100% physically backed XRP ETP introduced by Bitwise in 2022 allows European investors to gain exposure to the sixth-largest cryptocurrency.
Ripple’s chief executive officer, Brad Garlinghouse, noted that the decision to invest in GXRP aligns with the upsurge in interest in crypto-linked exchange-traded products in 2024.
“With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” he said in a statement. “As one of the most valuable, liquid, and utility-driven digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility.”
XRP’s non-security status is still the subject of a prolonged Ripple vs. SEC lawsuit. Just last week XRP’s value skyrocketed to a 3-year-high of nearly $1.50 and flipped Dogecoin (DOGE) after SEC Chairman Gary Gensler disclosed that he would be resigning on January 20, the same day that incoming U.S. president Donald Trump is scheduled to be inaugurated for his second term at the White House. Investors and traders seem convinced that the crypto foe’s exit will result in a faster conclusion of the XRP lawsuit, which would bode well with the toke’s price.
Notably, there has also been a growing demand from other companies to release a U.S.-listed spot XRP ETF. WisdomTree recently became the latest asset manager to file for an XRP ETF.
