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Bitwise Investments has filed for a spot XRP ETF following a recent amendment by Canary Capital. This move signals growing momentum among asset managers in the crypto ETF space.
The development has sparked some optimism, as the XRP price jumped from its intraday low of $2.40. This month of November could see a flood of Ripple ETFs coming to the market.
Bitwise Makes Changes to Its XRP ETF Filing
Crypto asset manager Bitwise has been making key changes to its spot XRP ETF in the updated filing. The asset manager has added key details, including its listing venue on the NYSE and a management fee of 0.34%.
Bloomberg ETF analyst Eric Balchunas highlighted the significance of Amendment No. 4. He noted that this stage typically signals the final steps in the ETF approval process. It suggests the ETF launch could be imminent. This signals that Bitwise may be nearing regulatory clearance.
Bitwise made its latest move after Canary Capital updated its S-1 registration. The revision aims to accelerate approval for Canary’s spot XRP ETF. In the recent revision, Canary has eliminated the “delaying amendment.”
The change also allows registration to automatically take effect in accordance with Section 8(a) of the Securities Act of 1933. The move follows the launch of Canary’s Solana and HBAR ETFs. Regulators approved both of them through similar 8-A and CERT filings.
20 XRP ETFs Waiting for Approval In November
This November, 20 XRP ETF applications are still pending approval. Leading asset managers, such as 21Shares, Grayscale, and WisdomTree, are among the filers.
The launch of the Rex-Osprey spot XRP ETF (XRPR) has seen strong inflows, now totalling over $100 million. It is recognized as the first-ever “spot” ETF, although it operates under the less common ’40 Act framework.
This makes the ETF an investment company rather than a traditional commodity trust. Bitwise Chief Investment Officer Matt Hougan said he expects the upcoming XRP ETF could “easily become.” It’s a billion-dollar fund within its initial months of trading.
Hougan noted that while skepticism remains within the crypto community, XRP’s strong and loyal investor base could fuel substantial inflows. He said:
Will XRP Price Recover Now?
Optimism around Ripple and XRP ETF approvals remains strong. However, the XRP price has stayed flat after facing rejection at $3.0. Investors are waiting for the Ripple cryptocurrency to find a bottom and rally back again.
However, bulls are currently struggling to hold above $2.5. Popular crypto analyst Ali Martinez stated that the Ripple cryptocurrency could find support at $2.0.
Based on the Elliot Wave Theory, crypto analyst TARA said that XRP appears to be in a Wave 2 correction phase. Moreover, there’s a minor retracement likely toward the 0.5 Fibonacci level near $2.44.
The analyst added that Wave C could extend to the 0.618 retracement level around $2.57 before a potential larger decline. TARA cautioned traders to remain careful as XRP approaches the upper retracement target.
On-chain analytics firm Glassnode reported that XRP has declined by 27% since early August, falling from $3.30 to $2.40. During the same period, long-term holders who had bought before November 2024 increased their spending.
Their daily outflows rose from $38 million to $260 million. That’s a 580% increase based on the seven-day moving average. This indicates clear signs of profit-taking among experienced traders, while also adding selling pressure to the market.
