Bitwise Debuts Spot XRP ETF on NYSE Arca, Marking a Historic Milestone

Bitwise Asset Management has officially launched its spot XRP ETF on the NYSE Arca, a move they describe as a 'historic moment' for the cryptocurrency sector. Trading under the ticker symbol 'XRP', this ETF follows the recent debut of the Canary XRP ETF (XRPC). With $15 billion in assets under management, Bitwise's introduction of the XRP ETF represents a pivotal step for XRP, a leading crypto asset with ambitions to transform global payment systems.

Launch Details and Significance

The launch, confirmed for November 20, was accompanied by a live discussion featuring Ripple CTO David Schwartz and Bitwise CIO Matt Hougan, focusing on XRP's journey and its implications for the future of digital assets. The ETF, which offers spot exposure to XRP, has set a management fee of 0.34%, with a waiver for the first month on the initial $500 million in assets.

Regulatory and Market Insights

According to US SEC filings, the Bitwise XRP ETF received approval to list on NYSE Arca, marking a crucial step in regulatory compliance. Bloomberg analyst James Seyffart noted that Grayscale XRP Trust ETF (GXRP) and Franklin Templeton's XRP ETF (XRPZ) are also set to launch soon, indicating growing interest in XRP-based financial products.

Market Reaction

Despite the launch, XRP's price has experienced volatility, dropping over 9% to $2, before recovering slightly to $2.12. Trading volume surged by 30% in the past 24 hours, reflecting heightened trader interest following the ETF approvals. Data from CoinGlass highlighted increased activity in the derivatives market, with XRP futures open interest rising by 0.30% to $3.38 billion.

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