Bitwise files ETF application for Ripple XRP

Asset manager Bitwise has filed for an ETF for the Ripple token (XRP), and of course the XRP community is overjoyed. But how likely is it that the SEC will approve it?

It is now official: crypto-asset manager Bitwise is taking the first big step toward an XRP ETF, having established a trust in the U.S. state of Delaware. This is the first step for the launch of a spot ETF for the XRP token. The application for the "Bitwise XRP ETF" was filed on Sept. 30, company representatives confirmed.

For now, this news has little effect on the XRP price. At the time of writing, the Ripple token stands at $0.597, down 5.04 percent from yesterday. The reason for this drop seems to be due to the situation in the Middle East.

This is not the first time there has been plenty of speculation about an XRP ETF application. But: similar registrations, for example from BlackRock, always turned out to be bogus afterwards. "Bitwise's choice to apply for an XRP ETF is highly noteworthy. Bitwise is a very credible crypto-native fund manager [...] This is a strategic move," said Nate Geraci, president of ETF Store.

Although the XRP ETF has many supporters, it is not the top favorite among crypto contenders for a third U.S. spot ETF. Still, the return of the Grayscale XRP Trust a few weeks ago was seen as a positive sign.

"I think it is only a matter of time and inevitable that an XRP ETF, a Solana ETF and a Cardano ETF are coming, and that's great," Ripple CEO Brad Garlinghouse stated optimistically.

A few weeks ago, Ripple's leadership celebrated a lenient ruling in their lawsuit against the SEC as a major victory. But the U.S. stock market watchdog can still appeal, and has until next Monday to do so.