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New York-based asset management firm WisdomTree has joined the training of asset managers filing for an XRP exchange-traded fund (ETF).
WisdomTree submitted its S-1 filing with the U.S. Securities and Exchange Commission (SEC). The filing adds to the positive sentiments XRP has enjoyed in recent times.
Changes in regulation and hopes for XRP ETF
The filing has sparked optimism for XRP and the broader cryptocurrency space. It boosts the confidence of investors and traders in the asset.
As the filing detailed, the Bank of New York Mellon will act as the fund’s administrator. Notably, the product will trade on the Cboe BZX Exchange. WisdomTree now joins the likes of Bitwise and Canary Capital, which have made related moves toward a XRP ETF listing.
Alex DovbnyaThis filing comes as XRP’s price has witnessed a significant upsurge in the bullish market. Hence, the filing for an XRP ETF shows growing institutional interest, which could drive its adoption further.
Some experts have attributed the bullish sentiment around XRP to the anticipated change of the U.S. SEC's leadership, which will occur on Jan. 20, 2025. Crypto market players anticipate that the new administration will adopt a crypto-friendly stance and allow the sector to flourish.
Meanwhile, experts have predicted that more altcoins will receive institutional ETF launches in the U.S. after the new administration comes on board. This optimism lies in the leadership change as the U.S. SEC Chair, Gary Gensler, has announced his decision to quit on Jan. 20.
Generally, many stakeholders in the crypto space view Gensler as a strict anti-crypto regulator. They believe that the SEC under his leadership has tried to stifle the industry and needed more clarity.
Gensler’s departure might signal a favorable environment for institutional crypto adoption.
What is fueling XRP’s surge?
As of this writing, XRP has continued its upsurge in its bullish run this cycle. XRP is swapping for $2.35, a 23.5% increase in the last 24 hours.
The trading volume has also spiked by 218.22% to $35.74 billion, a signal of increased investors’ interest in the asset.
In earlier trading, XRP hit $2.50, a surge that some analysts have attributed to several factors, including whale activity and increased wallet activity. This development is the first time XRP has tested this price level in six years.
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