Ripple Price Skyrockets to Almost $2 as CoinShares Launched a Physically-Backed XRP ETP
After launching ETPs for Bitcoin, Ethereum, and Litecoin, Europe’s largest crypto investment firm, CoinShares, has continued expanding its portfolio with the addition of an XRP exchange-traded product. As with the previous similar initiatives, the XRP ETP will be listed on the regulated Six Swiss Exchange, and each unit will be backed by physical tokens.
CoinShares Launches XRP ETP
Despite the ongoing legal case in the US against the country’s securities regulator, Ripple’s native token continues to receive adoption from other regions. The leading Europe-based digital asset investment house, CoinShares, announced yesterday plans to launch an exchange-traded product following the performance of the fourth-largest cryptocurrency by market cap.
The new product will be listed on the regulated SIX Swiss Exchange under the ticker XRPL. The company has used its own institutional-grade ETP platform, called CoinShares Physical, to develop XRPL.
The XRP ETP will be physically backed as each unit will represent 40.0 tokens at the launch. It will have a base fee of 1.5% p.a. and the base currency will be the US dollar.
Head of Product Townsend Lansing at CoinShares commented that the release of this particular product comes amid a growing adoption rate from customers.
“The digital asset ecosystem is vast and still growing at breakneck speed. As we continue to diversify our product offering in 2021, we are focused on providing investment exposure to those assets and networks that resonate most with our European client base.” – added CRO Frank Spiteri.
XRPL is in total the eight similar product released by CoinShares and 4th since the start of the year. As previously reported, those were ETPs following the performance of Bitcoin, Ethereum, and Litecoin.
XRP Skyrockets to Nearly $2
The price of the underlying token has been among the best performers in the booming crypto market lately. The two positive news coming from the SEC legal case boosted XRP to $1 and beyond, and the asset hasn’t looked back since.
In the past 24 hours alone, XRP surged from yesterday’s low at $1.65 to a new 3-year high of about $1.97. Despite retracing slightly since then, the asset has reclaimed some ground in terms of market capitalization and is currently the fourth-largest by that metric.
Nevertheless, XRP is also one of the few crypto assets that are still unable to break their all-time highs from the previous bull run in 2017/2018 as the token is about 45% away, according to CoinGecko.