21Shares Ripple XRP ETP (AXRP) has now surpassed $100 million in assets under management (AUM), according to a Monday announcement.
The product, which was originally launched all the way back in April 2019, is fully backed by the XRP cryptocurrency.
Apart from 21Shares, XRP ETPs are also offered by such companies as 21Shares and CoinShares in Europe.
There are several pending spot XRP ETF proposals that could be approved by the SEC in the U.S.
As reported by U.Today, 21Shares joined the XRP ETF race in early November.
Earlier, Bitwise and Canary Capital also submitted their respective XRP ETF filings.
Alex DovbnyaRipple CEO Brad Garlinghouse has repeatedly predicted that an XRP ETF would be inevitably launched in the US. However, some experts believe that this is unlikely to happen in the short term.
The XRP cryptocurrency recently went on a wild rally amid expectations of a much looser regulatory policy in the U.S.
Persistent rumors about the imminent resignation of SEC Chair Gary Gensler have helped to push the token's price to the highest level since November 2021.
The XRP ETF race is now expected to heat up due to the expected removal of regulatory roadblocks. "In the October Bitwise XRP ETF filing with the SEC, Bitwise states that the biggest risk factor to buyers of the ETF would be...the SEC itself. That part of the S-1 might have to be amended fairly soon," pro-crypto attorney Jeremy Hogan recently said in his social media post.
XRP is still up more than 80% over the past week despite giving up some gains. The token remains in sixth place by market capitalization, according to CoinGecko data.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov