The XRP price has increased slightly by 6.64% today following Ripple’s announcement of its investment in the newly rebranded Bitwise Physical XRP ETP.
At press time, Ripple (XRP) is trading at $1.44, although its trading volume over the last 24 hours has dropped by 34.44%. However, today’s rise puts it 27.16% above its price from last week.
Ripple will invest in the Bitwise Physical XRP ETP
On November 28, Bitwise, a leading global crypto index funds manager, revealed that it had rebranded the name of the ETC Group Physical XRP to The Bitwise Physical XRP ETP as part of its wider range of crypto asset funds.
The exchange-traded product, which trades under the GXRP ticker, was introduced in 2022. It is fully backed by physical assets and operates under a prospectus approved by German financial authorities.
$XRP, the 5th largest crypto asset with an $80B+ market cap, is gaining more and more popularity due to its speed, efficiency, and reliability in areas like cross-border remittances, institutional DeFi, and real-world tokenization.
Today we have announced the renaming of our… pic.twitter.com/VnT1kerNnD
— Bitwise Europe (formerly ETC Group) (@Bitwise_Europe) November 27, 2024
As part of the announcement, Ripple disclosed its plans to invest in the ETP, as Ripple CEO Brad Garlinghouse believes that investors are increasingly interested in similar crypto investment products.
Garlinghouse believes this trend will gain momentum as regulators in the United States establish more comprehensive and clearer cryptocurrency regulations.
At the same time, he maintains that the XRP coin is among the most valuable crypto assets for those looking for resilient assets with real-world applications.
Hunter Horsley, the CEO and Co-Founder of Bitwise, also expressed a similarly positive outlook on XRP and the XRP Ledger. He stated that XRPL is unique and dependable while being one of the most well-known and trusted blockchains.
“We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP),” Hunter Horsley said in the press release.
XRP price prediction
It’s a new dawn for Ripple (XRP) and the rest of the cryptocurrency space after the pro-crypto Donald Trump became the U.S. president on November 6.
On November 23, the Ripple price surged to a three-year peak of $1.6 after SEC Chair Gary Gensler announced his resignation, effective January 20, 2025.
XRP/USDT weekly price chart | TradingView
Several positive developments could impact the XRP price in the upcoming months. This week, WisdomTree also applied to the SEC to establish an XRP ETF.
Currently, XRP is trading at $1.44, seeing an increase of 6.64%. It shows strong bullish momentum as it significantly exceeds its 50-day moving average of $0.7332 and 100-day moving average of $0.6519.
The price has successfully broken out of a consolidation phase and is approaching the upper Bollinger Band at $1.706, which may serve as short-term resistance. The key level of support is at $1.40.
If XRP manages to surpass the $1.71 resistance level with consistent volume, it will be on a clear path to $2 in the near term, assuming there are no market corrections.
Read more: Ripple News Today: Will XRP Price Surge to ATH Like Bitcoin?
