As the cryptocurrency continues to have a dominant bull rally, Ripple has announced an investment in Bitwise XRP ETF as profit-taking for the asset has reached a record. Indeed, over the last 30 days, the crypto has surged more than 175% to surge above the $1.43 price point, according to CoinMarketCap.
The digital asset sector has enjoyed a phenomenal November thus far. Following the 2024 presidential election outcome, Bitcoin surged to a near $100,000 all-time high. Although it has retreated in recent days, the market has enjoyed a similar bull rally. Now, XRP is surging amidst news of its recent investment in a rebranded exchange-traded fund.
JUST IN: Ripple to invest in Bitwise's Physical $XRP ETP.
— Watcher.Guru (@WatcherGuru) November 27, 2024
Also Read: Three Reasons Why Ripple (XRP) Could Reach $5
Ripple Announces Investment in Rebranded Bitwise XRP ETF as Asset Keeps Soaring
It has certainly been an interesting last year for XRP. The asset was the subject of a years-long legal battle with the US Securities and Exchange Commission (SEC). Yet, as Gary Gensler announced his resignation from his position with the agency, there are brighter days ahead for XRP and crypto at large. Now, the token is reaping the benefits.
The asset’s price has been surging. Indeed, it is up more than 27% in the last seven days and 5% in the last 24 hours. Indeed, that performance has been driven by Ripple announcing an investment into the Bitwise XRP ETF as profit-taking for the crypto has reached a three-year high.
Also Read: Can Ripple (XRP) Reach $2 Before Thanksgiving?
The aforementioned XRP investment product has been rebranded following Ripple’s investment, now called the Bitwise Physical XRP ETP (GXRP). Moreover, the move is a rebrand of the firm’s European XRP ETP which is a key part of a much broader exposure strategy.
The move should continue to shift the sentiment of the product as a key crypto investment option. Indeed, the XRP ETF is 100% physically backed. Additionally, the product is overseen by Germany’s financial regulators, increasing security for European investors. “XRP is at the forefront of momentum as a utility-driven digital asset,” CEO Brad Garlinghouse said in an announcement. Their continued expansion should keep it that way.
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