Bitwise officially launched its new XRP (XRP-USD) ETF on the NYSE today. This marks a significant market event as the second pure spot XRP fund available in the U.S. The firm demonstrated immediate commitment by seeding the ETF with 1.11 million XRP, valued at roughly $2.27 million, at the commencement of trading.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
The immediate focus for the market is whether the Bitwise fund can rival or exceed the substantial opening-day volume recorded by Canary’s XRPC ETF last week. Canary’s fund established a high benchmark, achieving $58.5 million in day-one trading volume and $245 million in net inflows.
Ripple CTO David Schwartz Celebrates Launch amid Price Erosion
The debut of the Bitwise ETF occurs even as XRP’s price faces considerable bearish pressure. It is trading around $2.12 and experiencing slight depreciation for the day. Analysts are closely monitoring the $2.10 support level. They caution that a failure to hold this threshold could lead to a deeper market slide toward $1.95.
Despite this price erosion, Bitwise is hosting a live online event to commemorate the launch. This event features Ripple CTO David Schwartz, Bitwise CIO Matt Hougan, and journalist Eleanor Terrett. They plan to discuss the journey to the ETF launch and the fundamental rationale for choosing XRP, providing essential reassurance to the #XRPArmy community today.
Grayscale and Franklin Templeton Prepare for Massive ETF Day
The rapid institutional interest in XRP ETFs continues to accelerate. Other major financial players are preparing their own market entries. Grayscale recently updated its S-1 filing. This action initiates a 20-day countdown that suggests its GXRP ETF could potentially debut on NYSE Arca on November 24.
Concurrently, Franklin Templeton has filed Form 8-A. This signals that its own XRP ETF is near readiness for listing. Analysts project both funds could launch simultaneously on November 24. This sets the stage for what is anticipated to be one of the most consequential single days for institutional XRP adoption.
BlackRock Speculation Drives New Institutional Commitment
Adding to the elevated market activity, significant speculation is mounting across the XRP community. Analysts suggest BlackRock (BLK) may be discreetly exploring the possibility of launching a spot XRP exchange-traded fund.
While the asset manager has yet to make any official regulatory filings, market watchers contend that even internal deliberations at a firm of this magnitude would be sufficient to trigger a substantial influx of institutional interest and capital into the XRP ecosystem.
The potential for more major issuers to join the existing roster demonstrates that institutional confidence in XRP’s long-term utility is rapidly increasing. At the time of writing, XRP is sitting at $2.0287.
