bullish

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XRP, the seventh-biggest cryptocurrency by market capitalization, has so far <a href="https://www.coingecko.com/en/coins/xrp" rel="noopener noreferrer nofollow">failed</a> to experience a price rally despite the recent ETF buzz. The token is down more than 4% over the past 24 hours, failing to buck the broader bullish trend.&nbsp;
As <a href="https://u.today/xrp-etf-allegedly-filed-by-bitwise" rel="noopener noreferrer nofollow">reported by U.Today</a>, Bitwise, the leading cryptocurrency index fund manager, recently filed for an XRP ETF in Delaware.&nbsp;&nbsp;
After some industry participants raised concerns about the authenticity of the filing, Bitwise confirmed that it was not a fake forgery.&nbsp;
Ripple CEO Brad Garlinghouse has confidently stated that the approval of an XRP ETF was "inevitable" in the US.&nbsp;
While the launch of an XRP ETF appears to be extremely unlikely at this point, the filing is still "noteworthy," according to Nate Geraci, president of The ETF Store.&nbsp;
In his social media post, the analyst noted that Bitwise is a "highly credible" crypto native fund that "doesn’t just throw stuff at the wall."&nbsp;
In June, Chicago-based derivatives titan CME Group&nbsp;<a href="https://u.today/ripple-ceo-spotlights-xrps-groundbreaking-milestone" rel="noopener noreferrer nofollow">announced</a> the rollout of real-time indices and reference rates for the Ripple-affiliated cryptocurrency.&nbsp;
In August, regulated crypto derivatives exchange Bitnomial introduced cahs-settled XRP futures. This product could potentially set the stage for an XRP ETF.&nbsp;
Geraci believes that an XRP ETF is probably coming at some point in the future, and Bitwise wants to play the long game.&nbsp;
The fact that an XRP ETF is mostly likely not happening anytime soon has likely contributed to the tepid market response.&nbsp;

XRP in Red Despite Bitwise's ETF Filing

U_Today

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