Bitwise Files for First US XRP ETF

Bitwise Asset Management has filed an S-1 registration with the SEC to launch the first U.S.-based Spot XRP ETF, aiming to track the price movements of XRP. This filing comes as XRP experiences a 3% decline, trading around $0.5881, while struggling to maintain critical support levels. The filing is significant as it follows a ruling in the SEC vs. Ripple lawsuit, which ended in August 2024, and is expected to influence XRP's market sentiment. Bitwise CEO Hunter Horsley expressed optimism about XRP's potential, highlighting its recognition among mainstream investors. The market is also closely monitoring an upcoming SEC appeal deadline on October 7, which may affect XRP's legal clarity and price stability. Despite the downturn, analysts suggest that XRP's price could see upward movement if it holds above key support levels.