As global demand for cryptocurrency exchange and traded funds skyrocket, altcoin-based ETFs are becoming a major part of the conversation.
Brad Garlinghouse, the CEO of Ripple, made an optimistic observation, noting that the approval of multiple Bitcoin and Ethereum ETFs is poised to open the door for many more altcoin-based ETFs.
Garlinghouse shared the sentiments on X, formerly Twitter, following an announcement from a leading cryptocurrency exchange, revealing that it has begun to prepare for the application process of its Bitwise XRP ETP.
According to a press release published on October 2nd, Bitwise Asset Management disclosed that it filed an initial registration statement on Form S-1 for a new Bitwise XRP Exchange Traded Product (ETP).
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century. It’s why for the past seven years, we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.” Hunter Horsley, the CEO of Bitwise, remarked.
Institutional adoption could trigger a long-term bullish rally for XRP
The new development came not long after U.S.-based firm Bitwise launched a spot for Bitcoin and Ethereum ETPs. Bitwise acquired ETC Group in August, a leading firm that assures European cryptocurrency ETPs.
An optimistic Garlinghouse appears to be excited about XRP’s future. Reacting to Bitwise’s announcement, the Ripple boss highlighted his observations of the rising adoption of XRP into the traditional finance ecosystem.
“First BTC, then ETH…it was only a matter of time. This move underscores the growing trust & integration of digital assets like XRP into traditional finance, marking the continued adoption and maturation of the crypto market. I sense this is just the beginning.” He wrote in a post shared on X.
For XRP investors, an XRP-based ETF could greatly benefit the altcoin’s price value. Notably, Bitcoin recorded a massive spike in price value within the first quarter of 2024 after the approval of multiple Bitcoin ETFs.
Rising institutional demand is bolstering the price of Bitcoin and ETH, and other alternative coins are primed to follow suit.
Meanwhile, at the time of this report, XRP, up by 1.87% from the previous day, trades for $0.54. A 12.56% loss has been recorded over the last seven days. However, the one-hour technical chart displays a bearish retreat as buying pressure intensifies.
