Bitwise has taken another major step towards its attempt to launch a US XRP spot ETF. This development follows the asset management’s achievement of launching the first US Solana Spot ETF last week on the New York Stock Exchange (NYSE).
Bitwise Resubmits S-1 Form for XRP Spot ETF, Expects Launch in 20 Days
According to Bloomberg ETF Analyst Eric Balchunas, Bitwise recently filed an amendment to its S-1 registration form for the Bitwise XRP ETF. The filing, called Amendment No.4, includes key new details such as the listing venue (NYSE) and a 0.34% management fee.
Balchunas describes these updates as “the last boxes to check,” indicating that Bitwise may have reached the final approval stage. The amendment filing suggests that the asset manager has completed important rounds of feedback with the SEC, and the proposed XRP Spot ETF is now awaiting launch.
Bloomberg’s James Seyffart also confirmed development, noting that Bitwise and VanEck have joined the growing list of issuers positioning themselves to launch new cryptocurrency-based ETFs in November. Earlier last week, Fidelity and Canary Funds also filed similar updates for Solana-based products, while Canary also filed for an XRP-linked ETF.
In particular, Seyffart notes that Bitwise’s Therefore, along with the Canary XRP Spot ETF, the Bitwise XRP ETF could automatically launch within 20 days of the SEC making no further requests or changes.
XRP Market Overview
At press time, XRP continued to trade at $2.50, reflecting a small drop of 0.01% over the past day as the asset remained in consolidation. On longer time frames, XRP’s shape reflects a bearish dominance with losses of 4.55% and 17.27% on the weekly and monthly charts respectively.
According to renowned market analyst Ali Martinez, the XRP cost base distribution heat map identifies its immediate resistance levels at $2.80 and $3.00. Meanwhile, the next support zone is around $2.15. Following recent filings from Bitwise and other asset managers, it appears that XRP will join the elite league of cryptocurrencies with a US spot ETF.
The introduction of the XRP spot ETF is expected to significantly boost institutional interest in altcoins, resulting in long-term demand and price growth. Last week, Bitwise and Grayscale launched the first set of US Solana spot ETFs, which have gained a lot of traction, as indicated by a cumulative total net inflow of $199.21 million in four trading days.
Featured image of Finbold, Tradingview chart
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