XRP Price Soars as Ripple Backs Rebrands Bitwise Fund

November 27, 2024 William Ross Cryptocurrency News, Finance, Stock Market 0

XRP Jumps as Ripple Vows to Invest in Rebranded Bitwise Fund

Ripple has announced its investment in the newly-rebranded Bitwise Physical XRP ETP, a move that has significantly impacted the XRP market. The rebranding of the European XRP ETP to Bitwise Physical XRP ETP is part of Bitwise’s broader strategy to enhance its presence in the European market.

XRP Price Surge

Following the announcement, XRP’s price surged by 7.2%, reaching $1.43, according to CoinGecko data. This increase marks a 26.8% rise compared to the previous week. The investment news has provided a much-needed boost to XRP, reflecting growing investor confidence.

Regulatory Environment

Ripple CEO Brad Garlinghouse highlighted the importance of the U.S. regulatory environment becoming clearer for crypto assets. This clarity is expected to drive further demand for crypto exchange-traded products (ETPs) like the Bitwise Physical XRP ETP.

“With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” he said in a press release.

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“As one of the most valuable, liquid, and utility-driven digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility.”

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William Ross
About William Ross 294 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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