Bitwise has taken another major step towards its bid to launch a US XRP spot ETF. This development follows the asset management’s achievement in launching the first-ever US Solana Spot ETF last week on the New York Stock Exchange (NYSE).
Bitwise Re-submits S-1 Form For XRP Spot ETF, Eyes Launch In 20 Days
According to Bloomberg ETF analyst Eric Balchunas, Bitwise recently filed an amendment to its S-1 registration form for the Bitwise XRP ETF. The filing, labeled Amendment No.4, includes new key details such as the exchange listing venue (NYSE) and a management fee of 0.34%.
Balchunas describes these updates as “the last boxes to check,” indicating that Bitwise may have reached the final stage of approval. The amendment filing suggests the asset manager has completed major rounds of feedback with the SEC, with the proposed XRP Spot ETF now awaiting launch.
Bloomberg’s James Seyffart also confirmed the development, noting that Bitwise and VanEck have joined the growing list of issuers positioning to launch new crypto-based ETFs in November. Earlier last week, Fidelity and Canary Funds had also filed similar updates for Solana-based products, while Canary additionally filed for an XRP-linked ETF.
In particular, Seyffart notes that Bitwise’s XRP Spot ETF application contains a “shorter language” than others, i.e., looking more finalized, especially with all critical data, and could now trigger the SEC’s 20-day clock. Therefore, alongside Canary’s XRP Spot ETF, the Bitwise XRP ETF could automatically launch within 20 days following no further request or changes by the SEC.
XRP Market Overview
At press time, XRP continued to trade at $2.50, reflecting a minor 0.01% decline in the last day as the asset remained in consolidation. On larger time frames, XRP form reflects bearish dominance with losses of 4.55% and 17.27% on the weekly and monthly charts, respectively.
According to renowned market analyst Ali Martinez, XRP’s Cost Basis Distribution Heatmap identifies its immediate resistance levels at $2.80 and $3.00. Meanwhile, the next support zone is around $2.15. Following the recent submissions by Bitwise and other asset managers, XRP looks set to join the elite league of cryptocurrencies with a US Spot ETF.
The introduction of the XRP spot ETF is expected to significantly drive institutional interest in altcoin, resulting in long-term demand and price growth. Last week, Bitwise and Grayscale launched the first set of US Solana spot ETFs, which have gained much traction as indicated by a cumulative total net inflow of $199.21 million in four trading days.
Featured image from Finbold, chart from Tradingview
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