The crypto market’s enthusiasm for exchange-traded funds [ETFs] has spilled over into speculation about the inclusion of altcoins like XRP. This excitement reached such heights that the term “XRP ETF” trended on social media platform X [formerly Twitter], with community members anticipating the imminent arrival of an ETF in the United States.
Fueling this buzz was a recent screenshot shared by the official X account of the Good Morning Crypto podcast, announcing, “JUST IN: Fidelity Unveils XRP ETP! With Grayscale and Fidelity offering XRP products, 2024 could be the breakout year for the token as it inches closer to all-time highs.”
However, a closer examination revealed that the product showcased on Fidelity’s platform is an XRP Exchange-Traded Product [ETP] and not an ETF. The XRP ETP was launched by Amun AG, a Swiss financial institution, and falls under the category of passive investments, which includes various instruments such as ETFs and Exchange Traded Notes [ETNs].
A quick search on Fidelity confirms that the namesake ETP displayed on the platform is indeed the one launched by Amun AG [rebranded to 21 Shares] in April 2019. This product is currently traded on Swiss exchanges like the SIX Swiss Exchange. Importantly, it is not a new ETP in the U.S., contrary to some circulating claims, and it has been available for trading since its launch.
Grayscale’s XRP Reversal Added Intrigue
The rumors surrounding an XRP ETF have also been fueled by Grayscale’s recent decision to add the token to its Grayscale Digital Large Cap [GDLC] fund. This move follows a July 2023 ruling by Judge Analisa Torres, which classified the Ripple-affiliated crypto as a non-security, leading to Grayscale reintroducing the digital asset to its fund. However, without official confirmation from the leading AUM, these speculations should be regarded as unfounded.
In terms of market performance, the leading altcoin has experienced a 9% decline in the weekly index. However, over the last 24 hours, the sixth-largest token has shown marginal gains, currently trading at $0.5.