XRP News: Santiment Shares Insight About Bitwise’s ETP Plan
Vijay Gir3 Oct 20241 min read
Bitwise Asset Management has boosted community confidence by filing for XRP ETP. Earlier the firm made announcements about launching an ETF, however amidst the ongoing SEC vs Ripple case, they decided to go with the ETP option. The market intelligence platform Santiment shared insights about XRP ETP filling by Bitwise. Let’s explore what they have to share.
Why the Shift from XRP ETF to ETP?
The switch from an ETF to an ETP gives Bitwise more flexibility. This is especially important since XRP has been ruled a non-security. The ETP might help Bitwise avoid regulatory hurdles, unlike an ETF. This change in plan could boost approval chances of this XRP product. It might get SEC approval by late 2024 or early 2025.
Whale Activity and Sentiment Indicators
On October 1, there were 145 whale transactions, each exceeding $1 million. Whale activities signal for a big future move as big players get ready for the shift. This could also be an indication of an upcoming bullish trend for XRP. Social sentiment has been overwhelmingly positive and this could be dangerous for traders. When the crowd gets too optimistic, there are chances of price correction.
XRP’s Future: What to Watch For
While the filing boosts optimism, traders must remember that market reality may not match investor hopes. XRP’s price rose after the news, but delays in SEC decisions or lower-than-expected adoption could dampen enthusiasm. Ripple’s ongoing battle with the SEC adds uncertainty as the Commission has filed appeal against August 7 court ruling. The shift from an ETF to an ETP may reduce some regulatory risks, but the outcome is still uncertain.
