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Beforehand referred to as the ETF Group Bodily XRP, the newly rebranded product will commerce on Germany’s Deutsche Börse XETRA beneath the ticker GXRP.
In accordance with a Wednesday weblog publish from the agency, this transfer is a part of a strategic overhaul of Bitwise’s European product lineup, enhancing its enchantment to institutional buyers searching for regulated publicity to XRP. Initially launched in 2022 beneath the ETC Group, the rebranded ETP stays absolutely backed by bodily XRP.
Ripple, a worldwide chief in digital funds, additionally dedicated to investing an unspecified sum within the newly branded Bitwise Bodily XRP ETP, underscoring its confidence within the product’s potential and long-term relevance.
Bitwise CEO Hunter Horsley highlighted the strong monitor document and evolving capabilities of the XRP Ledger (XRPL), a blockchain with over a decade of confirmed reliability. “We’re thrilled to supply buyers with entry to this modern asset via an institutional-quality product,” Horsley famous, signaling the product’s potential to draw vital institutional curiosity.
 
Ripple CEO Brad Garlinghouse echoed this sentiment elsewhere, emphasizing the surging demand for crypto-backed funding automobiles. “XRP’s liquidity, utility, and resilience make it a cornerstone asset for institutional buyers,” Garlinghouse stated, reflecting the broader market’s rising confidence in XRP.
Bitwise’s announcement locations the agency amongst a aggressive discipline of asset managers, together with WisdomTree, Canary Capital, Franklin Templeton, and 21Shares, all vying to launch XRP-focused funding merchandise.
In the meantime, whereas U.S. regulatory approval for XRP ETFs stays pending, Ripple’s current courtroom victories and the prospect of a pro-crypto administration beneath President-elect Donald Trump have bolstered market optimism. Notably, Trump’s marketing campaign guarantees to prioritize crypto innovation, hinting at a possible regulatory shift that would speed up approvals for XRP-based monetary merchandise, including additional momentum to the market.
With Bitwise’s rebranding, Ripple’s strategic backing, and XRP’s increasing use circumstances in remittances and tokenization, the digital asset is solidifying its place as a popular funding alternative.
That stated, the rebranding coincides with XRP’s spectacular rally, which has climbed over 36% up to now week to $1.62 on Saturday. This surge has sparked optimism that the coin may surpass its 2018 all-time excessive of $3.84.
Nonetheless, buyers ought to train warning, because the current value spike has prompted elevated profit-taking. Information from the crypto analytics platform Santiment exhibits that XRP holders have realized over $1.5 billion in income over the previous week, the best stage since April 2021.
This vital profit-taking development seems to be pushed by long-term holders capitalizing on the restoration after enduring XRP’s prolonged downturn since 2022.
At press time of writing, XRP was buying and selling at $1,69, reflecting a 16% surge up to now 24 hours.
