WisdomTree filed Form S-1 to US SEC to get an approval for XRP ETF.
XRP is trading above $2 at present, recording 60% growth in the past week.
WisdomTree filed Form S-1 for XRP Exchange-traded funds to get an approval from the US SEC. The XRP token has already been grabbing attention from the entire industry with its strong bullish rally for the past month. The change in the dynamics of US politics, which contributed to XRP’s current growth, might as well be in favor of the WisdomTree S-1 filing.
Asset Management firm WisdomTree submitted a Form S-1 to US SEC on Dec 2 followed by its XRP ETP filing with the state of Delaware in November. With this move, the firm joined the list of firms such as Bitwise, 21 Shares, Canary Capital that are already in line to push for XRP-based funds.
The crypto-favorable environment in the United States could be one of the major reasons behind this ETF filing. On the other hand, the ongoing XRP price rally will also play a critical role for its approval. With Donald Trump as the President of the US and Gary Gensler stepping down as SEC Chair in Jan 2025, the all green condition is set for the WisdomTree’s XRP ETF filing.
XRP On a Relentless Price Rally
Ripple’s XRP token’s price rally that started in early November, is still continuing without any hindrances so far. From trading at around $0.5, it recorded more than 360% monthly growth and went to as high as $2.45 today. The market capitalization of XRP is hovering around $134 billion, at the time of reporting.
XRP recently surpassed the largest stablecoin USDT in terms of market capitalization. It’s been more than 7 years since the XRP token trading at $2.3, making the community wait for its all-time high. Apart from the favorable market conditions and increasing investor sentiment, the current ETF filing could also add further fuel to the already existing bullish rally of XRP.
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