XRP in Red Despite Bitwise's ETF Filing

XRP, the seventh-biggest cryptocurrency by market capitalization, has so far failed to experience a price rally despite the recent ETF buzz. The token is down more than 4% over the past 24 hours, failing to buck the broader bullish trend. 

As reported by U.Today, Bitwise, the leading cryptocurrency index fund manager, recently filed for an XRP ETF in Delaware.  

After some industry participants raised concerns about the authenticity of the filing, Bitwise confirmed that it was not a fake forgery. 

Ripple CEO Brad Garlinghouse has confidently stated that the approval of an XRP ETF was "inevitable" in the US. 

While the launch of an XRP ETF appears to be extremely unlikely at this point, the filing is still "noteworthy," according to Nate Geraci, president of The ETF Store. 

In his social media post, the analyst noted that Bitwise is a "highly credible" crypto native fund that "doesn’t just throw stuff at the wall." 

In June, Chicago-based derivatives titan CME Group announced the rollout of real-time indices and reference rates for the Ripple-affiliated cryptocurrency. 

In August, regulated crypto derivatives exchange Bitnomial introduced cahs-settled XRP futures. This product could potentially set the stage for an XRP ETF. 

Geraci believes that an XRP ETF is probably coming at some point in the future, and Bitwise wants to play the long game. 

The fact that an XRP ETF is mostly likely not happening anytime soon has likely contributed to the tepid market response.