Strong

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/wisdomtree-files-for-xrp-based-etf-following-strong-market-performance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">WisdomTree Files for XRP-Based ETF Following Strong Market Performance</a> 
WisdomTree, a global provider of ETF solutions, has submitted an S-1 application to the U.S. Securities and Exchange Commission (SEC) to create an XRP-based exchange-traded fund (ETF). This move comes in response to XRP’s impressive recent performance in the <a href="https://en.coin-turk.com/garanti-bank-to-launch-crypto-currency-service-in-turkey/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/analyst-highlights-potential-growth-for-celestias-tia-token/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market. XRP recently surpassed Tether’s USDT in market capitalization, making it the third-largest cryptocurrency in the world, following Bitcoin (BTC) and Ethereum (ETH) .
<h2 style="text-align: justify" id="strong-xrp-surpasses-tether-s-usdt-to-claim-third-place-strong">XRP Surpasses Tether’s USDT to Claim Third Place</h2>
XRP has overtaken Tether’s USDT with a market cap of $141.8 billion compared to USDT’s $134.5 billion. Over the past 24 hours, XRP’s price surged by 30%, reaching $2.46. This increase represents a remarkable 364.1% gain over the past month.
<h2 style="text-align: justify" id="strong-spot-xrp-etfs-and-sec-lawsuit-boost-optimism-strong">Spot XRP ETFs and SEC Lawsuit Boost Optimism</h2>
Ripple Labs’ XRP has strengthened its position by surpassing Solana (<a href="https://en.coin-turk.com/gsr-markets-predicts-significant-increase-in-solana-price-following-etf-approval/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a>) in market value. Analysts suggest this surge is attributable to news that Ripple’s stablecoin, RLUSD, is likely to be approved by the New York Department of Financial Services (NYDFS). It’s speculated that Ripple may launch this stablecoin on December 4.
Peter Chung, Head of Presto Research, commented that nearing approval of Ripple’s stablecoin by NYDFS is supporting XRP’s price. Furthermore, SEC Chairman Gary Gensler’s announcement to leave his position by January is also having a positive impact.
Ripple has been engaged in a legal battle with the SEC over allegations of $1.3 billion in unregistered securities sales since 2020. Gensler’s departure is believed to increase the likelihood of a settlement or withdrawal in this case, allowing Ripple to focus more on its ecosystem development goals.
The interest in XRP is further bolstered by applications for spot XRP ETFs. Besides WisdomTree, asset management firms such as 21Shares, Canary Capital, and Bitwise have also applied for XRP-based ETFs. Analysts predict that if approved, the market impact of XRP will strengthen significantly.
Market participants believe that Ripple’s RLUSD stablecoin and potential ETF approvals will add value to the XRP Ledger ecosystem. These developments are expected to positively influence XRP’s price movements and market position in the long term.
The post <a href="https://en.coin-turk.com/wisdomtree-files-for-xrp-based-etf-following-strong-market-performance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">WisdomTree Files for XRP-Based ETF Following Strong Market Performance</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

WisdomTree Files for XRP-Based ETF Following Strong Market Performance

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