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Ripple Invests in XRP ETP as XRP Surges Past Solana

Nov 29, 2024, 01:18 PM

Ripple Labs Inc. has made a strategic investment in a new XRP exchange-traded product (ETP) launched by Bitwise Asset Management, amid a surge in global demand for cryptocurrencies. This move comes as XRP, Ripple's native cryptocurrency, has seen significant price increases, reaching a three-year high of $1.74, up 208% in the past month. The price surge follows a legal victory for Ripple, with a court granting its motion for final judgment in its ongoing case with the U.S. Securities and Exchange Commission (SEC), reducing uncertainty around XRP's legal status. XRP has now become the fourth largest cryptocurrency by market capitalization, surpassing Solana. The investment in the ETP and the price increase have fueled speculation about the potential for an XRP ETF, with market observers predicting further price rises, potentially reaching $3-$4 by year's end, and up to $15-$20 with an ETF in early 2025.