Bitwise Files XRP Spot ETF as Ripple Nears SEC Victory
Mustafa Mulla18 Nov 20242 min read
XRP is stealing the spotlight, and Bitwise Asset Management is making its confidence clear. The company has filed for an XRP spot ETF, showing strong belief in the cryptocurrency’s future. With Ripple’s long battle against the SEC nearing its conclusion, Bitwise’s Chief Investment Officer (CIO), Matt Hougan, has shared some exciting thoughts on what’s next for XRP.
Why Bitwise is Betting on XRP
In a recent interview on the Thinking Crypto Podcast, Matt Hougan, the CIO of Bitwise, opened up about why his company is so optimistic about XRP ETF, despite the ongoing legal battle with the SEC.
According to Hougan, XRP has already proven itself with a dedicated community and innovative technology. One of the key aspects Hougan highlights is the XRP Ledger (XRPL), which powers the cryptocurrency and shows its strength and technological edge.
However, he pointed out that XRP’s true potential hasn’t been fully realized yet, largely because of the uncertainty surrounding the lawsuit with the SEC.
He compared Ripple’s situation to “operating with two hands tied behind your back.” Despite these challenges, Hougan is confident that once the lawsuit is resolved, XRP could soar.
Could an XRP ETF Be a Game-Changer?
The company has filed to launch an XRP ETF, and Hougan believes that if regulations improve, this could be the next big crypto breakthrough
Hougan also pointed out that major financial institutions, like Société Générale, are beginning to use XRP’s technology—a sign of growing confidence in its potential.
He posed the question many are asking: What happens if XRP is finally free from its legal troubles? Hougan believes it could open the door to major opportunities for XRP and its ecosystem.
XRP Price Analysis
XRP is already showing strong momentum, recently breaking past key price resistance levels and climbing above $1.25, with its market cap now reaching $65 million.
Meanwhile, Crypto analyst Charting Guy sees potential for a major price surge, suggesting that XRP could replicate its explosive 2017 bull run.
The analyst noted that XRP’s monthly Bollinger bands are finally expanding, signaling a pattern reminiscent of 2017. That year, XRP surged by over 61,000%, eventually reaching its all-time high the following year.
The wait might be long, but for XRP, the rewards could reshape crypto as we know it.
