XRP Jumps as Ripple Vows to Invest in Rebranded Bitwise Fund

Decrypt 11 months ago 166

Ripple has said it'll invest in a newly-rebranded Bitwise Physical XRP ($2.32) ETP. The news has been a salve for the XRP price, which has shot up 7.2% to $1.43 at the time of writing, according to CoinGecko data. Today's surge puts it 26.8% higher than it was this time last week.

The Bitwise Physical XRP ETP, which was previously called the European XRP ETP, is part of the firm's broader suite of crypto asset funds. The company also offers spot Ethereum and Bitcoin ETFs in the U.S..

Ripple CEO Brad Garlinghouse said the decision to invest in the Bitwise fund, which trades under the GXRP ticker, very much falls in line with the surge in interest for exchange-traded products linked to crypto assets.

"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. "As one of the most valuable, liquid, and utility...

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