XRP Gains Record Amid Rally as Ripple Plans Bitwise ETF Investment

XRP has posted a record profit amid the cryptocurrency's recent bullish rally. In a significant market move, long-term holders of the XRP managed to realize over $1,5 billion in profits last week. In just seven days, the price of XRP saw an increase of nearly 30%.

The movement took place in the midst of range XRP’s three-year high, which marked its biggest profit-taking since April 2021. Several factors have fueled the bullish rally in XRP prices recently, which saw its value rise to $1,60 last week before paring gains to the current level.

XRP has seen impressive gains this month in the wake of Gary Gensler stepping down as head of the U.S. Securities and Exchange Commission (SEC) and a possible cryptocurrency exchange-traded fund (ETF) in 2025. In its monthly development, XRP has seen a price increase of 174.1%.

At the time of publication, XRP’s price was trading at $1,42, up 5.9% in the last 24 hours. On a weekly basis, Ripple’s native token has seen gains of 28.6% in the last seven days.

Ripple Plans to Invest in Bitwise ETF

Amid the recent developments, Ripple Labs has revealed its plans to invest in the Bitwise Physical XRP ETP. XRP reacted positively to the announcement and surged by 10% today. In a statement released on November 27, 2024, Bitwise highlighted the rebranding of its product and the investment from Ripple.

“Bitwise Asset Management today announced that it has rebranded its European XRP exchange-traded product (Ticker GXRP; ISIN DE000A3GYNB0) as part of a broader rebrand of its European product suite. In conjunction with the news, Ripple, a leading digital asset infrastructure provider, announced that it will invest in the rebranded product – the Bitwise Physical XRP ETP (formerly ETC Group Physical XRP),” it wrote.

Brad Garlinghouse, CEO of Ripple, commented on the recent development, stating:

“Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in cryptocurrency-backed investment offerings. With the U.S. regulatory environment for crypto finally becoming clearer, this trend is poised to accelerate, further driving demand for crypto ETPs like the Bitwise Physical XRP ETP. As one of the most valuable, liquid, and utility-oriented digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility.”

It is worth remembering that recently the asset manager WisdomTree, responsible for managing around US$ 100 billion, took an important step towards request the formation of a trust entity in Delaware to create an exchange-traded fund (ETF) focused on XRP. This initial move is crucial, preceding a more formal filing with the SEC, and marks the company’s position in the growing interest in developing XRP-based ETFs.