XRP price surges to $1.44 as Ripple commits to invest in rebranded Bitwise ETP
XRP, surging by over 3% and trading at $1.44 at the time of writing.
After Bitwise Asset Management, an issuer of exchange-traded products, announced a rebranding of its funds, Ripple revealed its plan to invest in one of them—the Bitwise Physical XRP ETP.
Previously named the European XRP ETP and trading under the ticker GXRP, this fund is part of Bitwise’s broader suite of crypto asset funds, which also includes spot Bitcoin and Ethereum ETFs in the U.S.
Launched in 2022 under a prospectus approved by Germany’s financial regulator, the European XRP ETP provides institutional-grade secure investment access to XRP.
Expanding the Ecosystem
“XRP and the XRP Ledger are among the most established and trusted blockchains in crypto. XRPL is unique with its more than 10-year track record of reliability while continuing to expand its capabilities. We are excited to offer investors access through an institutional-quality product with the Bitwise Physical XRP ETP (GXRP),” said Hunter Horsley, CEO and co-founder of Bitwise.
Meanwhile, Ripple CEO Brad Garlinghouse noted that the decision to invest in Bitwise's GXRP fund aligns with the growing interest in crypto-related exchange-traded products. He emphasized that this move reflects Ripple's commitment to expanding the XRP ecosystem.
The market reacted positively to this announcement, with Ripple’s cryptocurrency, XRP, surging by over 3% and trading at $1.44 at the time of writing.
The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may be approaching a resolution after nearly four years of intense litigation.
Ripple CEO Brad Garlinghouse recently expressed optimism about the case on social media, suggesting that the end of this high-stakes dispute could be in sight.
