Ripple’s XRP Surges as WisdomTree Seeks ETF Approval in Delaware

Ripple’s XRP is on a winning streak, with WisdomTree, a well-known asset management firm based in New York, recently filing for an XRP exchange-traded fund (ETF) in Delaware. This move comes as XRP prices have surged to levels not seen since 2021. While state-level filings like this are usually just the first step, it’s clear that WisdomTree is eager to dive into the world of cryptocurrencies, especially in light of Ripple’s ongoing legal battle with the SEC.

WisdomTree is now among a small group of firms, including Bitwise, Canary Capital, and 21Shares, that are seeking approval for XRP ETFs in the US. None of these applications have been approved by the SEC yet, but there’s a glimmer of hope in the air. In July 2023, a federal judge ruled that XRP sales to retail investors were not securities, challenging the SEC’s position. However, the legal tussle continues, with an official appeal filed by the SEC in October 2024 pushing any resolution to 2025.

The uncertain regulatory landscape hasn’t deterred firms like WisdomTree from forging ahead. With Donald Trump’s recent election win, there’s optimism in the crypto community for more favorable regulation. Trump’s campaign promise to boost US cryptocurrency and blockchain innovation signals a potential shift from the SEC’s traditionally strict approach.

Despite the legal uncertainties, WisdomTree’s ETF filing in Delaware reflects growing confidence in XRP’s future. Time will tell how this plays out, depending on court rulings and the new administration’s priorities. With XRP showing strong performance in the recent crypto market rally, it’s clear that investors are keeping a close eye on its progress. As of now, XRP is up 6% in the past day and 35% in the past week, trading at $1.47 with a market capitalization of over $84 billion, securing its spot as the 6th largest cryptocurrency on CoinMarketCap.