<a href="https://www.blockhead.co/tag/21shares/" rel="noopener noreferrer nofollow">21Shares</a> has filed with the US Securities and Exchange Commission (<a href="https://www.blockhead.co/tag/sec" rel="noopener noreferrer nofollow">SEC</a>) to launch an <a href="https://www.blockhead.co/tag/xrp" rel="noopener noreferrer nofollow">XRP exchange-traded fund (ETF</a>).Named the 21Shares Core XRP Trust, the fund would allow investors to buy shares in the ETF that tracks XRP&#39;s price without holding the digital currency itself.Like 21Shares&#39; ARK 21Shares Bitcoin ETF which offers exposure to Bitcoin, the XRP ETF offers US investors exposure to XRP.<a href="https://www.blockhead.co/tag/bitwise" rel="noopener noreferrer nofollow">Bitwise</a> also filed for an XRP last month. &#34;At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” said Bitwise CEO Hunter Horsley.“It’s why for the past seven years we’ve helped investors access the opportunities in the space, and we’re excited to continue that work with our filing for a Bitwise XRP ETP.”In September, crypto asset management firm,<a href="https://www.blockhead.co/tag/grayscale" rel="noopener noreferrer nofollow"> Grayscale</a>, launched the Grayscale XRP Trust to offer investors exposure to <a href="https://www.blockhead.co/tag/xrp" rel="noopener noreferrer nofollow">XRP</a>.The trust is open to eligible individuals and institutional accredited investors. It operates similarly to Grayscale&#39;s other single-asset trusts but focuses exclusively on XRP - the crypto used by the XRP ledger - as its underlying asset.<a href="https://www.blockhead.co/tag/ripple" rel="noopener noreferrer nofollow">Ripple&#39;s</a> CEO, <a href="https://www.blockhead.co/tag/brad-garlinghouse/" rel="noopener noreferrer nofollow">Brad Garlinghouse</a>, told <a href="https://www.bloomberg.com/news/articles/2024-10-23/ripple-ceo-brad-garlinghouse-says-an-xrp-etf-is-inevitable?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Bloomberg</a> last week that it is &#34;just inevitable&#34; that CRP will be offered through an ETF.Garlinghouse highlighted the scale of funds flowing into Blackrock&#39;s Bitcoin ETF – some $17 billion since its approval in January – during a Bloomberg Television interview Wednesday. “It clearly demonstrates that there’s demand from institutions and retail to access this asset class.”Meanwhile, Ripple is <a href="https://cryptodaily.co.uk/2024/11/ripple-reserves-470-million-xrp-for-sale-marking-largest-monthly-dump-in-7-years?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">planning</a> to sell off 470 million XRP, marking its largest single-month sale of XRP in seven years. The move has created ripples of uncertainty throughout the market as Ripple usually reserves 200 million XRP from a 1 billion monthly <a href="https://ripple.com/insights/explanation-ripples-xrp-escrow/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">escrow</a> unlock for sale.Implemented since 2017, Ripple has locked locked 55 billion XRP (55% of the total possible supply) into a series of escrows. &#34;These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP,&#34; Ripple <a href="https://ripple.com/insights/explanation-ripples-xrp-escrow/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">explained</a>. &#34;The escrow consists of independent on ledger escrows that release a total of one billion XRP each month over the next 55 months.&#34;In June 2024, Ripple sold 400 million XRP, with an initial 200 million reserved and an additional 200 million transferred from Ripple’s idle account. This caused XRP to drop 20% within a week.Ripple sold 350 million and 300 million XRP in September and July but retained its usual 200 million monthly reserves.So far in 2024, Ripple has sold more than 2.5 billion XRP in 2024 but the 470 million XRP allocation is significantly higher than its previous selloff, leading some to fear a price drop for XRP.Bitget Research&#39;s Chief Analyst, Ryan Lee, said in a comment to Blockhead, &#34;This year, XRP&#39;s market performance has been relatively lackluster, with its price moving within a narrow range alongside the broader market, also influenced by certain legal developments.&#34;Currently, the SEC’s ongoing appeals could potentially extend Ripple’s legal battles to early 2026, or even longer. This endless cycle of lawsuits, appeals, and reversals has left large XRP holders feeling exhausted and anxious. At the same time, the progress of the XRP Ledger’s shared chain and the development of Ripple USD (<a href="https://www.blockhead.co/tag/rlusd/" rel="noopener noreferrer nofollow">RLUSD</a>) have been slow, with little activity in the broader cryptocurrency market, leading investors to gradually lose interest in XRP.&#34;In summary, XRP is largely a product of previous cryptocurrency cycles. Its lack of innovation and frequent legal entanglements have led to disappointment among large holders and waning attention from investors. If XRP cannot resolve its legal issues or deliver innovative applications, its future market performance remains bleak.<a href="https://www.blockhead.co/2024/11/04/21shares-files-for-xrp-etf-ripple-plans-largest-xrp-sell-off-in-7-years-2/#/portal/signup" rel="noopener noreferrer nofollow">Join Blockhead today for FREE and stay in the loop on digital assets!</a>

21shares Files for XRP ETF, Ripple Plans Largest XRP Dump in 7 Years

Blockhead

Other articles published on Nov 4, 2024

Legend of Arcadia: Redefining Community-Driven Operations

Wiz Khalifa’s X account apparently hacked to promote sham memecoin

Ripple’s Largest XRP Release In Seven Years. Here’s What Happened

Ethereum Echoes Amazon’s Early Days, Says 21Shares Analyst

How Much Will Bitcoin Be If Trump Wins, How Much Will It Be If Harris Wins? Bernstein Says "It's ...

Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto

Join our free newsletter for daily crypto updates!