The post WisdomTree Files XRP ETF Proposal Amid 400% XRP Rally appeared on BitcoinEthereumNews.com.

WisdomTree has filed an application with the SEC for an XRP ETF, supported by Bank of New York Mellon. XRP’s rally of 400% boosts optimism for regulatory approval of its first U.S.-based ETF by WisdomTree. WisdomTree has applied for S-1 approval of an XRP-based Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC.). Driven by rising institutional interest and favorable market conditions, XRP has skyrocketed by over 400% in the last 30 days, swapped hands at $2.64, and this development comes as a result. With controlled access to XRP, the third-largest cryptocurrency by market capitalization, the planned ETF seeks to give investors Specifically, The Bank of New York Mellon will play a crucial role as the administrator, fund accountant, and transfer agent for this ambitious trust. Renewed Push for XRP ETF Amid Growing Institutional Confidence  Joining previous ideas from Bitwise and other well-known companies, this filing represents another attempt to bring an XRP ETF to the U.S. financial markets. Given the growing momentum around XRP following Ripple’s partial success in its legal fight against the SEC earlier this year, WisdomTree’s timing is especially opportune. The court’s decision confirmed XRP’s position as not being intrinsically a security, therefore boosting investor trust and major capital inflows. The market is waiting nonetheless as the SEC has not yet approved any XRP-oriented ETFs. The action of WisdomTree also aligns with more general institutional acceptance of XRP as a tool for liquidity control and cross-border payments. Approved, the ETF would possibly streamline access for traditional investors and match regulatory systems. Analysts have noted that the introduction of such regulated goods could spur more XRP adoption, especially in the United States, where past regulatory uncertainty has usually restricted development. Moreover, the timing fits changing dynamics inside the SEC. The imminent resignation of Chairman…

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Filed under: News - @ December 3, 2024 9:25 am