ETF filing completed. Bitwise submitted its Form 8-A for a spot XRP ETF.
On Wednesday, November 19, Bitwise officially submitted its Form 8-A for the spot XRP ETF after much anticipation from the XRP community. The filings, which have once again put XRP in the spotlight, will see the investment product launch sooner than usual with the ticker “XRP.”
While the application aligns with necessary regulations implemented by the SEC, it is expected to launch on Nov. 20 and will be listed for trading on the NYSE.
The announcement, which was shared by renowned media personnel Zach Rector, further reveals that leading U.S.-based crypto exchange Coinbase has been signed to be the custodian of the product.
Although the NYSE has yet to release a final announcement on the filings, the XRP community predicts this might be the biggest launch of XRP on Wall Street so far. According to the disclosed SEC paperwork, the proposed fund has been formally named the Bitwise XRP ETF, incorporated in Delaware and headquartered at Bitwise’s San Francisco office.
Ethereum rally is likely incoming as key technical indicator teases Bitcoin outperformance.
The cryptocurrency sector may soon experience a stronger altcoin phase, as indications suggest a possible rally is on the horizon. The ETH/BTC chart suggests that ETH and other altcoins are gaining momentum.
As observed by a crypto analyst, Gordon Gekko, there has been a breakout of the Relative Strength Index (RSI) on the ETH/BTC daily chart. The breakout signals that there is increased buying strength from investors in the market. It implies that Ethereum is gaining momentum relative to Bitcoin.
Notably, Ethereum is holding above a critical support zone as the altcoin has not dipped and stayed below its support area of $3,000. Despite the willingness to be exposed to risk, Ethereum investors are still cautious, as trading volume remains in the red zone by 29.83% at $34.4 billion.
Analysts anticipate a reversal of this soon, as the community looks forward to the upcoming Fusaka upgrade in early December.
Ripple CEO Brad Garlinghouse has noted that the use cases of the XRP Ledger keep expanding.
Apart from payments, XRP is starting to support tokenized assets, ETFs, and other financial instruments, which potentially opens the door to additional decentralized finance (DeFi) capabilities. Ripple CEO Garlinghouse recently took to the X social media network to ask about new uses for XRP as DeFi grows.
“With new DeFi protocols and apps emerging for XRP, what other possibilities for the network should be discussed?” the executive asked his followers.
J. Ayo Akinyele, head of engineering at RippleX, recently stirred up a lively discussion revolving around the network’s future. XRPL’s original purpose was to move value efficiently, but it has evolved to handle tokenized assets, real-time liquidity between markets.
Moreover, XRP Spot ETFs (like Canary) are live, and more are coming, signaling institutional adoption. Hence, the question is whether or not XRPL could possibly support native staking. Staking typically incentivizes validators in PoS chains. XRPL is different, so staking would require careful design to align with its principles.
