Bitwise Files for First-Ever XRP ETF, But XRP Price Plummets 12% Following Announcement

Bitwise Investment filed an application for an XRP ETF product with the American securities regulatory body.

Bitwise Investments is a San Francisco-based investment management firm founded in 2017 by Hunter Horsley, a former Facebook and Instagram product manager, and Hong Kim, a Google veteran and former Korean military software security expert.

On 2 Oct 2024, Bitwise Investment filed an application with the United States Securities and Exchange Commission (SEC) for an XRP ETF fund.

ETF Store president Nate Geraci also shared his opinion on this latest development around XRP Cryptocurrency. He emphasised the significance of Bitwise’s decision to file for an XRP ETF, viewing it as a strategic move rather than a hasty action. Despite the current market downturn, with XRP’s price drop, he believes this is a long-term play, potentially influenced by the upcoming November election. Bitwise, known for its credibility, is positioning itself early in the XRP ETF space. He suggests that while short-term politics may impact the market, an XRP ETF is inevitable, with Bitwise planning a longer-term strategy that could lead to full tokenization in the future.

XRP price action

The current trade price of XRP coin, the native token of the XRPL blockchain network, is $0.51, and this price is 12% down over the last 24-hour period.

This downfall in the trade price of XRP coin is very strange because, on one side, this Cryptocurrency is gaining high-level support among big players, and on the other side, legal clarity about the nature of this Cryptocurrency is a very significant thing for XRP, making it the best choice for long-term investors.

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