Ripple Invests in Bitwise’s XRP ETP, Boosts Token Price

• Ripple Invests in Bitwise Physical XRP ETP
• XRP Price Surges 6,4% After Announcement
• GXRP to be traded on Deutsche Börse XETRA

XRP price saw a significant surge following the announcement that Ripple will invest in the newly renamed Bitwise Physical XRP ETP (GXRP). Previously Known as ETC Group Physical XRP, the ETP was rebranded as part of Bitwise’s strategy to expand its presence in Europe.

At the time of publishing this article, XRP was trading at $1,49, up 9.8% in the last 24 hours.

On November 27, Bitwise announced the restructuring of its European XRP ETP, which will now trade on Deutsche Börse XETRA in Germany under the ticker GXRP. This change follows Bitwise’s acquisition of ETC Group in August, strengthening its presence in the European market.

GXRP, launched in 2022, is fully physically backed, allowing European investors to gain exposure to XRP, the sixth-largest cryptocurrency by market capitalization.

Ripple CEO Brad Garlinghouse highlighted that the decision to invest in GXRP is in line with the growing interest in crypto investment products in 2024. He stated: “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.”

Garlinghouse also emphasized the importance of XRP as a valuable, liquid, and utility-driven digital asset, positioning it as a resilient option for investors seeking assets with real-world application.

While XRP’s status is still a matter of dispute in the Ripple-SEC lawsuit, the token recently hit a three-year high of nearly $1,50. The rally came after SEC Chairman Gary Gensler announced his resignation, which is scheduled to take place on January 20, coinciding with the inauguration of US President-elect Donald Trump. Investors believe that Gensler’s departure could speed up the resolution of the XRP lawsuit, which would benefit the token’s price.

The combination of Ripple’s investment in GXRP and the prospect of a more favorable regulatory environment in the U.S. reinforces the optimism surrounding XRP, solidifying it as an attractive option for investors seeking exposure to digital assets with practical utility.