XRP ETF: Bitwise Launches New Crypto Fund

What to Know:

• Bitwise has filed Form 8-A for a spot XRP ETF, with trading potentially starting on November 20.
• Ethereum’s RSI breakout against Bitcoin suggests a potential altcoin rally.
• Ripple CEO Brad Garlinghouse is exploring new DeFi use cases for XRP.

The crypto market is buzzing with activity as Bitwise files its Form 8-A for a spot XRP ETF, potentially launching the investment product with the ticker “XRP” as early as November 20. This move signals growing institutional interest in XRP and its underlying technology. The ETF is expected to be listed on the NYSE, with Coinbase acting as the custodian.

The ETH/BTC chart is showing signs of a potential altcoin rally, with the Relative Strength Index (RSI) breaking out on the daily chart. This indicates increased buying strength for Ethereum relative to Bitcoin, suggesting that altcoins may gain momentum. Ethereum has maintained its position above the critical $3,000 support zone.

Ripple CEO Brad Garlinghouse is actively exploring new use cases for XRP, particularly in the decentralized finance (DeFi) space. He recently engaged with the community on X, seeking input on additional possibilities for the network. XRP is increasingly being used to support tokenized assets, ETFs, and other financial instruments.

The filing of spot XRP ETFs, such as the one by Bitwise, underscores the growing institutional participation in XRP-based financial products. This trend could further legitimize XRP and expand its reach to a broader investor base. The original purpose of XRPL was to move value efficiently, but it has evolved to handle tokenized assets and real-time liquidity between markets.

Related: XRP Price: $12M Max Pain for Bears

Source: Original article