Key Takeaways Cryptocurrency asset manager Bitwise on Wednesday filed a registration statement with the Securities and Exchange Commission (SEC) to create a spot XRP exchange-traded fund (ETF).Approval of the XRP ETF,

Bitwise submitted an S-1 form to the U.S. Securities and Exchange Commission, a requirement for companies seeking to issue a new security and be listed on a public stock exchange.

Ripple’s XRP is in a multi-month downward trend as seen in the XRP/USDT daily chart. The altcoin trades at $0.5709 after testing the $0.5946 support on Wednesday. The Moving Average Convergence Divergence (MACD) indicator shows that the XRP price trend likely has underlying negative momentum as the streak of green histogram bars ends.

The first XRP ETF could soon hit the market if the SEC approves the Bitwise XRP ETP, for which the asset manager just filed a Form S-1

Bitwise, already an issuer of spot Bitcoin and spot Ethereum ETFs, filed for an $XRP ETF, triggering excitement in the crypto community and marking the first step in what Ripple CEO Brad Garlinghouse previously predicted was an "inevitable" wave of crypto ETFs.

Crypto fund manager Bitwise has filed for a spot XRP ETF (exchange-traded fund) that would allow investors to gain exposure to Ripple’s native XRP token. The Bitwise XRP ETF was incorporated on Sept.