BREAKING: First XRP ETF filed by Crypto Asset Manager Bitwise in Delaware

As Ripple moves closer to resolving its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), crypto asset manager Bitwise Invest has taken a significant step by filing the first application for an XRP spot ETF in Delaware.

Bitwise’s XRP ETF app

This report reported by Fox journalist Eleanor Terret, was officially filed on September 30, and sources Bitwise confirmed the authenticity of this study. The approval of this ETF could have significant implications for the broader cryptocurrency market.

The filing comes at a key time for Ripple as the company awaits a decision SEC decision on whether to appeal a recent court ruling that could potentially pave the way for greater regulatory clarity around XRP.

If the SEC decides not to appeal, it could strengthen the case for XRP as a viable investment option, making the timing of Bitwise’s filing particularly strategic.

However, the path to obtaining consent is not effortless. Like previous Bitcoin and Ethereum ETF applications – which were approved in January and July this year, respectively – Bitwise’s filing will have to undergo tough scrutiny and meet various regulatory requirements set by the SEC. The agency’s review process could be lengthy, and approval may not come until next year.

Ripple effect

The filing of an XRP ETF could also signal a change in the regulatory landscape, potentially opening the door for other financial institutions such as BlackRock to pursue similar applications.

Moreover, this development could create a ripple effect for other cryptocurrencies looking to enter the ETF space. Speculation There is already growing momentum around the possibility of creating a Solana ETF, which could be the next asset to attract investor interest.

Time will tell what other information the asset manager may reveal in the coming days, but the first fill of the first U.S. spot XRP ETF is now official.

Chart 1D shows the XRP price showing no change from its 24-hour performance following the XRP ETF filing. Source: XRPUSDT on TradingView.com

At the time of writing, the price of XRP has shown no change to the broader market, recording losses of 3% over 24 hours, resulting in a current trading price of $0.6028.

However, the potential market for XRP ETFs could have a noticeable impact on the price as more institutions could flock to invest in the token.

Featured image from DALL-E, chart from TradingView.com