Spot XRP ETF Launch by Bitwise & Grayscale as XRP Price Recovers

$15 billion crypto asset manager Bitwise announced the launch of its spot XRP ETF. It will go live for trading on the New York Stock Exchange (NYSE) on November 20.

This exchange-traded fund will provide direct exposure to the Ripple cryptocurrency. Several Ripple ETFs are expected to go live by the end of the month, which could catalyze an upside for the XRP price.

Bitwise XRP ETF To Go Live for Trading

Crypto asset manager Bitwise is making a solid move by introducing its spot XRP ETF in the US market. This follows the latest submission of Form 8-A and CERT filings to the U.S. SEC.

Bitwise celebrated the development through a message on the X platform, noting:

“It’s a big step forward for XRP, the world’s third-largest crypto asset,* which aims to reshape the market for global payments”.

Bitwise is hosting a live X Space today. Ripple CTO David “JoelKatz” Schwartz and Bitwise CIO Matt Hougan will join the event. Journalist Eleanor Terrett will moderate the discussion.

The Bitwise XRP ETF carries a management fee of 0.34%. The company plans to waive this fee for the first $500 million in AUM. Bitwise selected the ticker “XRP” for its Ripple fund. The fund will trade on the New York Stock Exchange.

Some community members reacted negatively to this choice. They expressed displeasure over using the XRP ticker. Usually, asset managers choose a letter of the name as a prefix, e.g,. The Bitwise Solana ETF (BSOL).

Bitwise chose the XRP ticker for its Ripple ETF. This decision could confuse investors with the actual XRP token. The overlap may blur the difference between the ETF and the cryptocurrency.

Flood of XRP ETFs Coming to the Market

Today’s launch of Bitwise XRP ETF will follow the successful launch of Canary XRP ETF (XRPC) last week. Following its debut on November 13, Canary Capital reported that the ETF posted more than $58.5M in trading volume. Also, it drew $245 million in net inflows.

Furthermore, four major XRP ETFs are set to launch over the next 10 days, by November 30. Next week, on November 24, XRP funds from Franklin Templeton and Grayscale are set to launch. Similarly, asset managers 21Shares and CoinShares will bring their Ripple ETFs on November 27.

Analyst Chad Steingraber estimates that a single XRP ETF could attract roughly $90 million in average daily inflows. With 12 proposed ETFs, that figure could rise to about $1.08 billion per day.

Steingraber’s model assumes that half of these inflows would translate into direct market demand for XRP. ETF issuers will buy about $504 million worth of XRP. That equals nearly 229 million tokens at the current price. This large purchase highlights strong demand for Ripple’s asset.

At that pace, cumulative demand would reach 1.14 billion XRP in one week, and 4.58 billion XRP in one month. Thus, within 6 months, these ETF issuers would swallow 27.49 billion XRP i.e. nearly 50% of the existing 60 billion XRP supply.

XRP Price Recovery Fails

From the intraday lows of $2.04, the XRP price has bounced back and is currently trading at $2.12. However, the altcoin has failed to drive the overall bullish sentiment, despite these positive developments.

Despite the broader market downturn, XRP has outperformed Bitcoin this month. BTC has faced a steeper correction. However, XRP has gained 3.71% against it in November, bringing the XRP/BTC pair to 0.00002374.

Against this backdrop, market analyst EGRAG Crypto published a simulation outlining four potential macro scenarios for the XRP/BTC pair. He emphasized that the analysis is not a price prediction but a framework to illustrate possible long-term paths for XRP.

After evaluating data across all four scenarios, the analyst derived an average projected XRP price of $11.