- The Bitwise XRP ETF has a management fee of 0.34% and currently waived for the first month on the first $500M in assets.
- The 21Shares XRP ETF will launch on Cboe BZX under a ticker TOXR.
- The two join 7 other fund managers already offering spot XRP ETFs in the United States.
The United States Securities and Exchange Commission (SEC) has approved Form 8-A for Bitwise and 21Shares to launch their spot XRP exchange-traded funds (ETFs). Bitwise Investments announced that the Bitwise XRP ETF (XRP) is set to begin trading on NYSE exchange today.
Bitwise Joins a Growing List of Spot XRP ETFs
Bitwise announced that its spot XRP ETF will have a management fee of 0.34%. However, the fund will waive for the first month on the first $500 million in assets.
Since the reopening of the United States government earlier this month, the SEC has expedited the approval process for spot crypto ETFs. The SEC also approved 21Shares spot XRP ETFs to list on CBOE BZX with a ticker TOXR.
Meanwhile, Grayscale Investments announced that its XRP ETF dubbed GXRP is on the verge of launching. At the time of this writing, the Grayscale XRP Trust, which aims to convert to a spot XRP ETF, had a total of $12.3 million in assets under management (AUM).
Other spot XRP ETFs already launched include:
| Name | Type | AUM | Fee |
| Canary XRP ETF (XRPC) | spot | $257.1 million | 0.5% |
| Teucrium 2x Long Daily XRP ETF (XXRP) | Futures | $253 million | 1.89% |
| Volatility Shares XRP ETF (XRPI) | Futures | $171.6 million | 0.94% |
| REX-OSPREY XRP ETF (XRPR) | spot | $123.7 million | 0.75% |
| Volatility Shares 2X XRP ETF (XRPT) | Futures | $119 million | 0.94% |
| ProShares Ultra XRP ETF (UXRP) | Futures | $72 million | 1.67% |
| Purpose XRP ETF (XEPP.U) | Futures | $6.6 million | 0% |
Related: XRP Flashes 3-Day Bullish Divergence as Ultimate Oscillator Hits Oversold
Market Impact
The strategic launch of several spot XRP ETFs will have a profound impact on the XRP market. Moreover, XRP has gained significant regulatory clarity in the United States to attract more institutional capital ahead.
Amid the growing global money supply ahead of the anticipated capital rotation from Bitcoin to altcoins, XRP is now well-positioned to benefit from the spot ETF listings. Furthemore, XRP price has suffered midterm bearish sentiment after being trapped in a consolidation phase year-to-date.
The large-cap altcoin, with a fully diluted valuation of about $213 billion, recorded a 26% surge in its 24-hour average trading volume to around $6.12 billion.
Source: XFrom a technical analysis standpoint, XRP price has been retesting a crucial support level around $2, which was a resistance level during the 2021 crypto bull cycle. As such, if XRP price follows its 2017 playbook, another parabolic rally to new all-time high is imminent.
Related: XRP Price Prediction: ETF Hype Fades As Sellers Drive Price Toward Channel Support
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Source: https://coinedition.com/bitwise-and-21shares-to-launch-spot-xrp-etf-is-xrp-price-rebound-next/
