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Global financial services firm WisdomTree has filed an S-1 application with the U.S. Securities and Exchange Commission for an XRP spot Exchange-Traded Fund (ETF), joining Bitwise, 21Shares, and Canary Funds.
NEW: @WisdomTreeFunds officially files an S-1 with the @SECGov for an $XRP spot ETF.
WisdomTree joins @BitwiseInvest, @21Shares and @CanaryFunds in applying for an fund that tracks the daily price of $XRP. pic.twitter.com/fIWiUuFpeR
WisdomTree’s application has sparked intense speculation about whether TradFi giants like BlackRock and Fidelity could be next to join the race, which would indicate a strong institutional interest in XRP.
Meanwhile, the XRP price is up by another 24% on Monday and is now trading at $2.43.
Its bullish strength has resulted in a rotation of capital from meme coins to utility tokens. Crypto assets like Chainlink, IOTA and even microcaps like Best Wallet Token (BEST) are seeing robust demand.
Will BlackRock Join The Spot XRP ETF Race?
WisdomTree has filed an S-1 application to the SEC’s Department of Corporate Finance. Other major players like Bitwise, 21Shares and Canary Funds have already filed their forms.
XRP bulls are now desperately hoping for BlackRock and Fidelity to join the race.
I need blackrock to announce an $XRP ETH here
— DustyBC Crypto (@TheDustyBC) December 2, 2024As such, the likelihood of spot XRP ETF approval is extremely high, especially following Donald Trump’s victory in the recent US presidential elections.
The current SEC chair Gary Gensler is set to resign from his position and will be replaced by a pro-crypto official. All the current front-runners for Trump’s SEC Chair pick, including Paul Atkins, Brian Brooks and Teresa Goody Guillen, have an established track record of supporting the crypto industry.
It would, therefore, be no surprise if a new SEC administration, led by a pro-crypto Chair, approves the spot XRP ETF. The Commission could also drop or settle its appeal for Judge Torres’ original ruling, ending the lengthy Ripple vs SEC legal battle and providing regulatory clarity to the cryptocurrency, which could also boost its institutional demand.
How High Can The XRP Price Go?
Not long ago, XRP was one of the most underwhelming cryptocurrencies on the market, despite a plethora of legal victories against the SEC.
However, it is now one of the best-performing assets, up by nearly 400% over the past month, and has erased nearly 3 years of consolidatory sideways movement with one monthly candle.
With a market capitalization of $139 billion, XRP is now the 3rd largest cryptocurrency on CoinMarketCap, having already flipped Solana and Tether.
All eyes are now on whether it could reclaim the 2nd spot by flipping Ethereum.
Prominent analysts believe that XRP will continue its bullish trajectory over the next few months and could hit a new all-time high by the end of 2024. Experts also believe that the XRP price could hit double digits in the long term and potentially peak at $18.
Hey there. I hope you all are fine!
Here is the weekly update on $XRP. People began to believe in XRP after our first target was eliminated at $1.88. Fibonacci's level stands at $5.85.
People started copying our targets, but never mind—we have known their precision for almost… pic.twitter.com/J52Aj5a51C
Utility Coins Back In High Demand, Experts Call $BEST The Next 10x Crypto
XRP’s bull rally has definitely stolen the spotlight from meme coins. After all, XRP’s market capitalization is now higher than the combined valuation of the meme coin sector.
Indeed, utility tokens like Chainlink (LINK), IOTA and Hedera are up by double digits today, even as Bitcoin, Ethereum and most top meme coins are in the red.
A microcap cryptocurrency – Best Wallet Token (BEST) – is also in high demand. After quickly raising $1 million in its private sale, the token has launched its public presale and has raised nearly $900k in just a few days.
As such, Best Wallet is one of the leading crypto wallet brands, known for its non-custodial, non-KYC and multi-chain nature.
Unlike chain-specific wallets like MetaMask, Best Wallet allows its users to buy, sell and trade cryptocurrencies on 60-plus chains, thanks to its integration with cutting-edge brands like Onramper.
Users can also benefit from features like Best DEX, Best Card, staking aggregator and presale aggregator.
However, those holding and staking the $BEST token will unlock additional exclusive monetary perks. These include lower trading and processing fees, higher staking rewards, 8% cashback while using the Best Card, and more.
Owing to Best Wallet’s growing demand and the token’s crucial role in the ecosystem, it is no surprise that experts are eyeing anywhere between 10x and 100x returns from BEST.
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