Bitwise XRP ETF Surges in US as RLUSD Gains Trading Volume

• SEC begins approval process for Bitwise XRP ETF.
• Legal challenges persist for Ripple despite CEO optimism.
• XRP Ledger gains prominence for low fees and increased adoption.

The race to launch new cryptocurrency exchange-traded funds (ETFs) in the United States is entering a new chapter with Ripple’s cryptocurrency XRP reaching a significant milestone. Bitwise’s application for an XRP-based ETF has been officially recognized by the Securities and Exchange Commission (SEC), signaling the start of the fund’s approval process.

According to record 19b-4, published In the Federal Register, the US agency has begun reviewing the application, and interested parties have 21 days to submit their comments. After this period, the SEC may approve, deny, or initiate additional procedures. It is worth remembering that the SEC had already accepted similar registrations from Grayscale and 21Shares for XRP ETFs, while applications from companies such as Canary Capital and WisdomTree are still awaiting a decision.

Interestingly, although the recognition of the 21Shares ETF application generated an immediate appreciation of XRP, this time, the cryptocurrency did not show significant gains in the hours following the announcement.

XRP is currently facing a downtrend, down nearly 4% in 24 hours, trading below $2,54. XRP bulls are targeting the $2,85 resistance in the near term. With a breakout, they are expected to gain momentum to retest the $3,00 zone.

XRP Ledger Surpasses Ethereum in Adoption with 37,4 Million RLUSD

In the broader context of digital finance, CryptoQuant analyst Maartunn points out that the XRP Ledger has surpassed Ethereum in terms of adoption, with 37,4 million RLUSD, while Ethereum has less than 83,3 million. The preference for the XRP Ledger is due to its lower transaction fees, making it an attractive option for stablecoin transactions.

With RLUSD growing faster initially on Ethereum, the focus is now turning to the XRP Ledger. Further adoption is expected, especially in Europe, where recent regulations are favoring this shift. The latest data reveals a significant increase in RLUSD transaction volume, highlighting the currency’s expansion to platforms such as Bitstamp, Revolut, and Zero Hash.

Usage of RLUSD is really catching up! 🚀

With MiCA regulations leading to USDT delistings in Europe, I expect this trend to accelerate even further! https://t.co/mmwYYfHTIB pic.twitter.com/b3JOyHtOxs

— Maartunn (@JA_Maartun) February 17, 2025