Payments-focused crypto asset XRP has suddenly broken out in price, surpassing the market cap of Solana (SOL) and Tether’s USDT after outperforming the market.
XRP hit a price of $2.81 early on Monday and has since retraced slightly to $2.68, giving it 424% gains in the last 30 days.
At time of writing, XRP has a market cap of $152.5 billion and a fully diluted valuation of $257.4 billion, making it the third-largest crypto asset.
Last week, reports surfaced from Fox News’ Eleanor Terret that global exchange-traded fund (ETF) giant WisdomTree had filed for a spot XRP ETF product in the state of Delaware.
Now, official filings with the SEC for the product have been released for WisdomTree’s “WisdomTree XRP fund,” which aims to give investors exposure to XRP through issuing shares of the fund on the Cboe BZX Exchange.
The filing names Coinbase, the biggest crypto exchange in the US as the fund’s custodian.
“Coinbase serves as the XRP custodian and prime execution agent for several competing exchange-traded XRP products, which could adversely affect the Trust’s operations and ultimately the value of the Shares.”
Earlier in November, asset manager 21Shares also filed a Form S-1 registration statement with the SEC for a proposed product called “the 21Shares Core XRP Trust.” The trust aims to be a passive investment vehicle that tracks the price of XRP.
XRP hit an all-time high of $3.40 in January of 2018.
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