Ripple CEO Brad Garlinghouse has taken to X to comment on Bitwise's recent ETF filing that includes exposure to the XRP token. "XRP, BTC, ETH, SOL — that's the alphabet soup I like to see," Garlinghouse said in his social media post.
On Thursday, Bitwise announced its intention to convert the Bitwise 10 Crypto Index Fund (BITW) into an ETF.
Apart from the cryptocurrencies mentioned by Garlinghouse, the publicly traded trust also includes Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Polkadot (DOT) and Uniswap (UNI). However, all of these tokens constitute only a smart part of the trust (2.7%). XRP itself has a 1.6% weighting.
Last month, Grayscale, the leading cryptocurrency asset manager, also filed for a combo crypto ETF that included exposure to the XRP token.
Alex DovbnyaAs reported by U.Today, ETF analyst Eric Balchunas opined that there was some room to maneuver when it comes to illiquid assets such as XRP.
Apart from the multi-coin ETF applications that include XRP exposure, there are also individual XRP filings from such issuers as 21Shares, Bitwise and Canary Capital.
XRP hits new 2024 high
Meanwhile, XRP is currently stealing the spotlight with yet another impressive rally.
Earlier this Friday, it reached a new 2024 high of $0.88, surging by more than 20% within a single day. XRP ha already rallied by more than 60% during this November alone.
That said, there are some signs that the rally might be getting overheated. According to 100eyes Crypto Scanner, there is bearish divergence on XRP's four-hour chart.
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Yuri Molchan
Dan Burgin
Vladislav Sopov