Ripple announced that it has invested in the Bitwise XRP ETF as the crypto continues its bull run. Profit-taking has also reached a new record. Over the past 30 days, crypto prices have risen by more than 175%, surpassing the $1.43 mark. CoinMarketCap.
So far, the digital assets sector has had an incredible November. Bitcoin rose to near $10,000 after the presidential election result of 2024. $100,000 all-time high. Even though it has been retreated, the stock market is still enjoying a bull run. After news broke of its investment in a rebranded ETF, XRP’s price is on the rise.
JUST IN: Ripple to invest in Bitwise's Physical $XRP ETP.
— Watcher.Guru (@WatcherGuru) November 27, 2024
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Ripple announces investment in rebranded Bitwise ETF XRP as asset keeps on rising
This has been a very interesting year for XRP. This asset has been the focus of a long-running legal fight with the US Securities and Exchange Commission. As yet, the asset was subject to a years-long legal battle with the US Securities and Exchange Commission (SEC). Gary Gensler XRP, and the crypto industry in general, are set to enjoy better days after the resignation of his agency. Now the token reaps the benefits.
Price of the asset has been rising. In fact, the asset’s price has risen by more than 27% within the past week and by 5% over the last 24-hour period. Ripple announced an investment into Bitwise’s XRP ETF, as crypto profit-taking has reached a certain level. three-year high.
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After Ripple invested, Bitwise Physical XRP has been rebranded as the Bitwise Physical XRP Investment Product (GXRP). The move also represents a rebranding of the company’s European ETP, which forms a crucial part of its broader exposure strategies.
It is expected that the move will further shift sentiment towards the product, which has become a leading crypto investment choice. In fact, the XRP ETF has a 100% physical backing. As well, it is monitored by Germany’s financial regulators to increase security for European investors. “XRP is at the forefront of momentum as a utility-driven digital asset,” Brad Garlinghouse, CEO of Brad Garlinghouse Inc. in an announcement. It should remain that way as long as they continue to expand.
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Source: watcher.guru
