xrp crypto stock

Ripple Price Skyrockets to Almost $2 as CoinShares Launched a Physically-Backed XRP ETP

Ripple Price Skyrockets to Almost $2 as CoinShares Launched a Physically-Backed XRP ETP
Written by publisher team

After launching ETPs for Bitcoin, Ethereum and Litecoin, CoinShares, the largest crypto investment company in Europe, has continued to expand its portfolio by adding one of its exchange-traded XRP products. As with 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 United States against the country’s securities regulator, the original Ripple token is still receiving approval from other regions. CoinShares, the leading European-based digital asset investment company, has announced its plans to launch an exchange-traded product after the performance of the fourth largest cryptocurrency by market capitalization.

The new product will be listed on the SIX Swiss regulated stock exchange under the symbol XRPL. The company used its own ETP platform, called CoinShares Physical, to develop XRPL.

The XRP ETP will be financially backed as each unit will represent 40.0 tokens at launch. It will have a base fee of 1.5% per annum and the base currency will be the US dollar.

Townsend Lansing, Chief Product Officer at CoinShares, commented that the release of this particular product comes amid a growing adoption rate from customers.

“The ecosystem for digital assets is vast and continues to grow by leaps and bounds. As we continue to diversify our product offerings in 2021, we focus on providing investment exposure to those assets and networks that resonate most with our European client base.” – Added CRO Frank Spitteri.

XRPL is a total of eight similar products released by CoinShares and the fourth since the beginning of the year. As mentioned earlier, these were ETPs after the performance of Bitcoin, Ethereum, and Litecoin.

XRP Skyrocket to Almost $2

The base token price has been among the best performing in the booming crypto market recently. The two positive news that came from the SEC’s legal case boosted XRP to $1 and more, and the asset hasn’t looked back since.

In the past 24 hours alone, XRP rose from yesterday’s low of $1.65 to a new 3-year high of $1.97. Despite a slight correction since then, the asset has regained some ground in terms of market capitalization and is currently the fourth largest by this metric.

However, XRP is also one of the few crypto assets that is still unable to break all-time highs from the previous high of 2017/2018 as the coin is off about 45%, according to CoinGecko.

XRPUSD.  Source: TradingView
XRPUSD. Source: TradingView

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