XRP, a crypto asset focused on payments, has experienced a sudden surge in price, surpassing the market cap of Solana (SOL) and Tether’s USDT after showing strong performance in the market.
With XRP reaching a price of $2.81 early on Monday, it has now retraced slightly to $2.68, marking a remarkable 424% gain in the last 30 days.
Currently, XRP boasts a market cap of $152.5 billion and a fully diluted valuation of $257.4 billion, solidifying its position as the third-largest crypto asset in the market.
Recent reports from Fox News’ Eleanor Terret revealed that WisdomTree, a global exchange-traded fund (ETF) giant, has filed for a spot XRP ETF product in Delaware. Official filings with the SEC have been released for WisdomTree’s “WisdomTree XRP fund,” which aims to offer investors exposure to XRP through shares on the Cboe BZX Exchange.
The filing designates Coinbase, the largest crypto exchange in the US, as the custodian for the fund. However, concerns have been raised about potential conflicts of interest as Coinbase also serves as the custodian for other exchange-traded XRP products.
In a separate development, asset manager 21Shares submitted a Form S-1 registration statement to the SEC for a proposed product known as “the 21Shares Core XRP Trust.” This trust is designed to be a passive investment vehicle that tracks the price of XRP.
XRP previously achieved an all-time high of $3.40 in January 2018, and its recent surge in price has drawn significant attention from investors and market observers alike.
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Image Credit: Midjourney