Ripple Announces Investment in Bitwise XRP ETF Amid High Profit-Taking Period
Good news in the world of cryptocurrency! Ripple has recently announced an investment in the Bitwise XRP ETF as the asset continues to soar to new heights. With a surge of over 175% in the last 30 days, reaching above the $1.43 price point, XRP is on a roll.
This investment comes as Ripple continues to make waves in the digital asset sector. Following the recent surge in Bitcoin to nearly $100,000 post the 2024 presidential election, the entire market is experiencing a similar bullish rally. Now, XRP is gaining momentum with news of its investment in the rebranded exchange-traded fund.
Despite a challenging legal battle with the US Securities and Exchange Commission (SEC) and the resignation of Gary Gensler, XRP seems to be on the rise. In the last seven days alone, the asset has surged by over 27% and 5% in the last 24 hours. This performance is attributed to Ripple’s investment in the Bitwise XRP ETF, which comes at a time when profit-taking for the crypto has hit a three-year high.
The rebranded XRP investment product, now known as the Bitwise Physical XRP ETP (GXRP), is a strategic move by Ripple to expand its reach and appeal to European investors. This ETF is 100% physically backed and overseen by Germany’s financial regulators, promising increased security for investors. With CEO Brad Garlinghouse stating that “XRP is at the forefront of momentum as a utility-driven digital asset,” the future looks bright for XRP as it continues its expansion.
Exciting times ahead for Ripple and the crypto market as a whole!
