WisdomTree Officially Files S-1 Application for Spot XRP ETF with the US SEC

Global exchange-traded fund (ETF) issuer and asset manager WisdomTree has officially submitted an S-1 application for a spot XRP ETF to the US Securities

Exchange-traded fund (ETF) issuer and asset manager WisdomTree has officially submitted an S-1 application for a spot XRP ETF to the US Securities and Exchange Commission (SEC).

This marks the fourth application by a major asset manager in the US for a spot XRP ETF.

Coinbase Global affiliates will serve as the prime execution agent and custodian for XRP, having previously collaborated with WisdomTree on its Bitcoin ETF that launched earlier this year.

In its filing, WisdomTree highlights the crucial role of Coinbase in the US spot XRP ETF ecosystem.

Other firms that have filed for spot XRP ETFs include Bitwise, Canary Capital, and 21Shares.

Bitwise was the first to file in October, followed by Canary Capital on October 9 and 21Shares with its Core XRP Trust on November 1.

XRP ETF Filings Amidst Token's Price Surge

The XRP ETF filings come at a time when the token has surged massively, adding 41% to its price in 24 hours and a major 430% in 30 days, boosting its market capitalization to roughly $153 billion.

Currently trading at $2.71, XRP has seen a massive 321% increase in trading volume, indicating strong investor interest.

XRP is now only 23% away from its all-time high of $3.40, which was last seen during the 2018 cryptocurrency bull run.

This upward momentum has been partly driven by recent political developments, particularly the election victory of President-elect Donald Trump, who has promised to implement sweeping changes in cryptocurrency regulation.

Trump's promises are further bolstered by the announcement of SEC Chair Gary Gensler's resignation, with his last day in office coinciding with Trump's inauguration on January 20.

The SEC has been a central figure in XRP's legal troubles for the past three years, with a lawsuit alleging that Ripple Labs, the company behind XRP, violated securities laws by treating its tokens as unregistered securities.

However, with shifts in leadership at both the SEC and the Commodity Futures Trading Commission (CFTC), there is a growing optimism that Ripple's lengthy legal battle with the SEC may finally be concluding.