Ripple Investing in Bitwise XRP ETF as Profit-Taking Surges – Market Update
Ripple has recently made headlines with its investment in Bitwise XRP ETF as the digital asset sector experiences a bull rally. In the last 30 days, XRP has seen a surge of over 175%, surpassing the $1.43 mark, according to CoinMarketCap.
The cryptocurrency market has been on a roll this November, with Bitcoin reaching nearly $100,000 after the 2024 presidential election. Although there has been a slight pullback, the overall trend remains bullish. Amidst this backdrop, Ripple’s investment in the rebranded Bitwise XRP ETF has caused XRP to soar.
Following a legal battle with the SEC, XRP is now looking at brighter days as Gary Gensler resigns from the agency. The asset’s price has seen a remarkable increase, up by more than 27% in the last week and 5% in the past 24 hours. Ripple’s investment in the Bitwise XRP ETF has fueled this surge, with profit-taking for the crypto reaching a three-year high.
The rebranded Bitwise Physical XRP ETP (GXRP) is a key part of Ripple’s broader exposure strategy in Europe. The product is 100% physically backed, providing increased security for European investors as it is regulated by Germany’s financial authorities. CEO Brad Garlinghouse expressed optimism about XRP’s future as a utility-driven digital asset, with the continued expansion set to solidify its position in the market.
