WisdomTree, a prominent player in the ETF sector, has filed an application with the U.S. Securities and Exchange Commission (SEC) to introduce an XRP-focused exchange-traded fund (ETF). This development follows XRP's remarkable performance in the cryptocurrency market, where it has recently claimed the title of the third-largest cryptocurrency by market capitalization, surpassing Tether.
How Did XRP Overtake Tether’s Market Cap?
XRP’s ascent has been notable, with its market capitalization reaching $141.8 billion, outpacing USDT’s $134.5 billion. Over the last 24 hours, XRP’s price surged by 30%, hitting $2.46, which translates to an impressive 364.1% increase in just one month.
Factors Fueling XRP’s Growth
The optimism surrounding XRP is partly anchored in the anticipation of Ripple Labs’ stablecoin, RLUSD, gaining approval from the New York Department of Financial Services (NYDFS). Additionally, Ripple’s legal challenges with the SEC may soften, especially with SEC Chairman Gary Gensler’s impending departure from his post.
Current Status and Outlook for XRP
Key points from this unfolding situation include: WisdomTree’s ETF application reflects growing confidence in XRP; XRP has shown substantial price growth and market cap gains; approval of Ripple’s RLUSD stablecoin could enhance XRP’s market position; the departure of SEC Chairman Gensler may lead to a favorable outcome for Ripple; multiple firms are actively applying for XRP-based ETFs, signaling strong market interest.
The current landscape suggests a promising outlook for XRP, as the anticipated developments could significantly influence its future trajectory within the cryptocurrency ecosystem.
