On November 1st, Bitwise Asset Management took a significant step by updating its XRP ETF application. The latest filing includes important details such as a listing on the New York Stock Exchange (NYSE) and a management fee set at 0.34%. These updates represent the final phases required in the approval process, signaling that an SEC verdict on the XRP ETF could be imminent.

**Bitwise Eyes SEC Verdict on XRP ETF This Quarter**

The inclusion of NYSE details and the specified management fee are critical milestones. According to Eric Balchunas, an ETF Analyst at Bloomberg, “These are typically the final key steps that need to be completed in the ETF application process.” The recent update points toward an upcoming decision by the U.S. Securities and Exchange Commission (SEC).

If the SEC approves the application, it would mark a pivotal moment for the cryptocurrency industry. Market analysts predict that the approval could spark a new wave of institutional investment into XRP, potentially influencing the broader digital asset market.

**Industry Reactions and Insights**

The investment community has responded with noticeable optimism. Matt Hougan, Chief Investment Officer at Bitwise, expressed confidence that an XRP ETF would quickly attract substantial assets, according to major financial sources.

Additionally, an SEC Commissioner hinted that a favorable decision on the XRP ETF might demonstrate regulatory openness to innovative ETF structures, potentially paving the way for more cryptocurrency exchange-traded products.

**XRP ETF Approval Could Influence Market Liquidity**

Historically, XRP-based ETFs have experienced strong initial demand. A prime example is the Rex-Osprey XRP ETF, which amassed $100 million in assets under management (AUM) within just six weeks of its launch. This precedent suggests that a Bitwise XRP ETF could generate significant investor interest right from the start.

Currently, XRP is trading at approximately $2.50 with a market capitalization of $150.26 billion, holding a dominance of 4.07% in the crypto market. CoinMarketCap reports a 24-hour trading volume of $4.50 billion, although this reflects a 25.34% decrease. Over the past 90 days, XRP’s price has seen a 10.26% decline.

**Conclusion**

Bitwise’s updated XRP ETF application marks a crucial juncture in the ETF approval process. With final details now submitted, the market awaits the SEC’s decision. Approval could unlock new investment avenues, increase market liquidity, and signify greater regulatory acceptance of cryptocurrency-based ETFs. Traders and investors alike will be watching closely in the coming weeks for further developments.
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