Bitwise's XRP ETP Filing Triggers Notable On-Chain Reaction as Ripple Labs Faces New Legal Challenges

Bitwise’s recent filing for an XRP ETP (Exchange-Traded Product), not to be confused with an ETF (Exchange-Traded Fund), has triggered a notable

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Bitwise recently filed for an XRP ETP, which has triggered a massive on-chain reaction, including increased whale activity and social media buzz.

Despite the on-chain optimism, XRP's market performance is lackluster, showing a 14% loss in the last 24 hours.

The SEC has appealed a court decision that fined Ripple Labs $125 million for improperly selling XRP.

Highlighting a Brief Overview of the Day's Most Crucial Cryptocurrency Stories

CryptoSlate Top Stories is a daily feature that highlights a brief overview of the day's crucial cryptocurrency stories.

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Breaking Down Bitwise's XRP ETP Filing and On-Chain Activity

CryptoSlate recently reported on Bitwise’s filing for an XRP ETP (Exchange-Traded Product), a move that has sparked a significant on-chain response.

The filing coincides with increased whale activity and social hype, alongside an impressive $2.39 billion in transaction volume—the highest in eight months.

These signals hint at possible bullish momentum for XRP, though a true rally may only occur once the initial wave of crowd FOMO subsides.

On another note, XRP’s market performance seems to be lagging behind. According to CryptoRank data, XRP is currently the worst performer among the top 10 cryptocurrencies, shedding 14% of its value in the last 24 hours.

As legal uncertainties linger and market conditions remain volatile, XRP traders should exercise caution, even as some indicators suggest a potential recovery once market sentiment stabilizes.

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