Bitwise Files XRP ETF, What Impact Will It Have On The Market?

XRP crypto assets. (Photo; Doc. Bitcoinist)

JAKARTA - Although it continues to be tackled by the US Securities Commission (SEC) in court which takes more than 3 years, XRP has received fresh air after a leading institution submitted a proposal for ETF XRP. Recently, Bitwise Asset Management submitted a proposal for XRP-based exchange-trained funds (ETF) through the official State of Division of Corporations website.

In the proposal, Bitwise appointed CSC Delaware Trust Company as its official agent. The move comes after Bitwise's success in launching Bitcoin and Ethereum ETFs on the market. Currently, the price of XRP is around US$0.52 (Rp7,800).

This move comes amid a ongoing legal case between Ripple, the company behind XRP, and the US Securities and Exchange Commission (SEC). The SEC plans to appeal before October 7 regarding a court decision that benefits Ripple. Although Bitwise has filed this application, there is no guarantee that ETF XRP will soon be listed with the SEC.

Brad Garlinghouse as CEO of Ripple previously said that the XRP ETF was "irresistible" after the approval of the Bitcoin and Ether ETFs in the US. If the XRP ETF is approved, institutional investors will have access to safer and more regulated investment products, which could increase XRP's circulation in the crypto market.

Latest XRP Price

Although this big news emerged, the price of XRP actually decreased by 4%, touching support levels at 0.60 US dollars (Rp. 9,000). On the other hand, XRP also faces strong resistance at 0.65 US dollars (Rp. 9,750). A number of crypto analysts, including EGRAG, predict a significant price increase of up to 31 US dollars (Rp.465,000) in the coming years.

Another factor that can affect the price of XRP is the launch of Ripple's new stablecoin, RLUSD, which is currently in the trial phase. Additional information, RLUSD is designed to support the XRP Ledger ecosystem, although currently only available to institutional investors.