SEC approves Bitwise's XRP ETF request, paving the way for Ripple-based products. Analysts estimate a 65% chance of approval.
The U.S. Securities and Exchange Commission (SEC) officially recognized Bitwise’s request for a Ripple (XRP) Exchange-Traded Fund (ETF) via the Cboe BZX exchange on Wednesday. The commission will now receive public comments 21 days after the request was filed with the Federal Reserve’s office, then it can approve or reject it. This comes after the approval of Bitcoin (BTC) ETFs in January and Ethereum (ETH) in July 2024. Bloomberg analysts estimate a 65% chance of Ripple-based products approval. Currently priced at $2.511, Ripple is the third-largest digital currency by market value.
