After outperforming the market, the payments-focused crypto asset XRP suddenly surged in price, surpassing the market capitalization of Solana (SOL) and Tether’s USDT.
XRP reached a price of $2.81 early Monday morning and has since retreated slightly to $2.68, rising 424% in the past 30 days.
As of this writing, XRP has a market capitalization of $152.5 billion and a fully diluted valuation of $257.4 billion, making it the third largest crypto asset.
Last week, Fox News' Eleanor Terret reported that global exchange traded fund (ETF) giant WisdomTree had applied for a spot XRP ETF product in Delaware.
Now, the official SEC filing regarding WisdomTree's WisdomTree XRP Fund has been released. The fund aims to provide investors with exposure to XRP by issuing shares of the fund on the Cboe BZX exchange.
The filing names Coinbase, the largest U.S. cryptocurrency exchange, as the fund's custodian.
“Coinbase serves as an XRP custodian and lead executive agent for several competing publicly traded XRP products, which could adversely affect the operations of the Trust and ultimately the value of its shares.”
In early November, asset management company 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 2018.
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