Crypto fund manager Bitwise confirms its spot XRP ETF to launch on Thursday, claiming it is a big day. The Bitwise XRP ETF is set to begin trading on NYSE Arca under the ticker symbol “XRP”, marking the second ETF to launch following the Canary XRP ETF (XRPC) last week.
XRP ETF Launch Is a Historic Moment, Bitwise Says
$15 billion asset manager Bitwise claims the launch of the spot XRP ETF as a “historic moment,” while confirming the launch of the exchange-traded fund on NYSE Arca on November 20.
“It’s a big step forward for XRP, the world’s third-largest crypto asset, which aims to reshape the market for global payments,” the firm said. To mark this landmark, Bitwise is also hosting a live X Space today with Ripple CTO David ‘JoelKatz’ Schwartz and Bitwise CIO Matt Hougan, moderated by Eleanor Terrett.
They will discuss topics including XRP and Ripple’s journey, what the Bitwise XRP ETF means for the XRP Army, how traditional finance and global payments are changing, and the future of digital assets.
Bitwise XRP ETF to Begin Trading on NYSE Arca Under “XRP” Ticker
Bitwise XRP ETF becomes auto-effective with Form 8-A and CERT submissions to gain approval from NYSE Arca to list shares under the ticker symbol “XRP,” according to US SEC filings.
The issuer has set a management fee of 0.34% and announced to waive it for the first month on the first $500 million in assets under management. The product aims to provide investors with spot exposure to XRP, Ripple’s crypto asset that aims to modernize global payments.
Meanwhile, Bloomberg analyst James Seyffart confirmed that Grayscale XRP Trust ETF (GXRP) and Franklin Templeton’s XRP ETF (XRPZ) are set to go live on Monday.
As CoinGape reported earlier, Canary XRP ETF (XRPC) made a record debut with $59 million in trading volume and $245 million in net inflows. Notably, the day-one inflows surpassed every spot Bitcoin ETF and Bitwise Solana Staking ETF (BSOL).
XRP Price Under Selling Pressure
XRP price dropped more than 9% to $2 as long-term holders and whales shift to anxiety phase, as reported by CoinGape. However, XRP price rebounded 5% to trade currently at $2.12, with an intraday low and high of $2.01 and $2.17, respectively.
Trading volume increased by 30% over the last 24 hours. This indicates massive interest among traders due to the approval of Bitwise and other XRP ETFs.
CoinGlass data showed selling in the derivatives market in the last few hours. At the time of writing, the total XRP futures open interest jumped 0.30% to $3.38 billion in the last 24 hours. The 4-hour XRP futures open interest on CME climbed more than 0.56% but fell 1.17% on Binance.
Source: https://coingape.com/bitwise-says-their-xrp-etf-launch-on-nyse-arca-today-is-historic-moment/
