Ripple (XRP) is one of the most popular and noteworthy tokens in the cryptocurrency market. The token has finally gained a robust market ally as Bitwise unveiled its plan to launch an XRP ETF.
The thought of launching a ripple ETF was long mulled over; it has finally come to fruition, boosting investor sentiment and hope. But will this change usher in any new price targets for XRP? Let’s find out.
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XRP ETF In Works
Bitwise, one of the leading asset management firms in the world, has announced its plan to launch an XRP ETP. In detail, Bitwise took to X to share how it’s keenly looking forward to helping investors gain access to XRP in an organized manner.
“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley. “It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”
Similarly, the press release discusses XRP in length, elaborating on its stellar cross-border payment mechanisms and affordable fee structure to facilitate dynamic transactions.
“XRPL typically processes transactions in seconds with fees under $0.01. It also has more than five million active wallets and a decade-long track record of reliability. Today XRP is one of the world’s largest crypto assets, with a market capitalization above $30 billion.”
The thought of launching an XRP ETF was long underway, with its CEO Brad Garlinghouse and Ripple’s president Monica Long often commenting on its impending launch.
Long once shared how launching an XRP ETF would be a sensible choice given the token’s stark popularity and variety of use cases.
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“About ETFs, I think it would be very sensible for someone to launch an XRP ETF, as XRP has been trading within the top 10 for how long, maybe its entire life. And on top exchanges like Coinbase and Kraken. It’s certainly in the top 5 of daily volume.”
At the same time, Garlinghouse also shared his comments on the event Bitwise XRP ETP, adding how the move outlines the growing trust of investors in the field of crypto and finance.
ChatGPT Predicts The Token’s Price Post Its ETF Launch.
As per AI, an XRP ETF launch can be a game-changer for Ripple. It may bolster its institutional demand and increase investor sentiment towards it. The ETF launch may also usher in a sense of clarity for investors, who may then deem the token a trusted asset to invest in and explore at length. With an XRP ETF in the works, it could significantly boost XRP’s adoption, taking its price to new levels.
Per GPT, the pre-ETF announcement scenario may help Ripple trade within a $0.50-$0.55 price margin.
After ETF approval, its price may skyrocket by 30%–50% to hit the $0.70–$0.85 price mark.
And the long-term AI analysis shares how it may further increase. The portal states that Ripple’s coin may trade at $1-$1.50 in 3 to 6 months after the ETF approval.
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