Bitwise has officially announced the launch of its spot XRP ETF on the New York Stock Exchange. This marks a significant milestone for XRP, now the world’s third-largest cryptocurrency by market cap. The fund will be listed on Bloomberg with the ticker symbol XRP.
Bitwise has also acquired the domain BitXRPetf.com to promote the product. The fund carries a 0.34 percent management fee, which is waived for the first month on the first $500 million in assets.
What About XRP’s Price Today?
XRP recently experienced a drop to $2.10, which analysts attribute to a Wave 4 correction. The cryptocurrency touched its RSI support trendline, indicating a potential rebound.
An increase back to $2.26 is possible in the short term, with the $2.03 macro Fib level serving as a crucial support zone during this correction phase.
Why This ETF Matters for XRP
Analysts believe that this ETF could lead to a “supply shock” as authorized participants are required to purchase XRP to support the fund. They anticipate a rise in demand due to global macro shifts, such as the “reverse carry trade” scenario.
There is speculation that BlackRock may introduce its own XRP ETF in 2025, adding further pressure on XRP supply.
Will the Bitwise ETF Trigger a Rally?
The launch of the ETF could attract new investments, although analysts caution that XRP may exhibit volatile or sideways movement initially, similar to Bitcoin and Ethereum when their ETFs debuted.
However, the key question is not whether XRP surges immediately, but whether inflows continue, new ETFs launching add buying pressure, and institutions accumulate XRP in the coming months.
With growing interest from institutional players and the introduction of more ETFs, today’s debut could signal the beginning of increased demand for XRP.
If inflows remain robust, XRP may attempt another rally once the broader correction stabilizes.
