Ripple CEO Asserts SEC Defeat in Crypto Battle as Third Company Seeks XRP ETF Approval

21Shares has recently submitted an application for an exchange-traded fund (ETF) based on XRP, aligning with Bitwise and Canary’s similar efforts. This move comes at a time when Ripple is embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC). Despite these developments, the price of XRP has not seen a significant increase.

The decision by 21Shares to pursue an XRP ETF mirrors the actions of other companies such as Bitwise and Canary, who have also shown interest in creating investment products centered around the digital asset. This move indicates a growing trend within the cryptocurrency market to explore new avenues for investors to gain exposure to XRP.

The timing of 21Shares’ application is noteworthy, given the ongoing legal battle between Ripple and the SEC. The SEC filed a lawsuit against Ripple, alleging that the company conducted an unregistered securities offering through the sale of XRP. This legal dispute has had a significant impact on XRP’s price and market sentiment.

Despite the collective efforts of 21Shares, Bitwise, and Canary to introduce XRP-based investment products, the price of XRP has not experienced a substantial surge. This lackluster performance may be attributed to the uncertainty surrounding Ripple’s legal situation and the regulatory challenges facing the cryptocurrency industry.

Investors and market observers will be closely monitoring the developments surrounding the XRP ETF applications and Ripple’s legal battle with the SEC. These events have the potential to shape the future trajectory of XRP and influence investor sentiment towards the digital asset.

In conclusion, 21Shares’ decision to file for an XRP ETF, alongside Bitwise and Canary, underscores the increasing interest in creating investment products centered around XRP. However, the price of XRP has not witnessed a significant uptick despite these efforts, with external factors such as Ripple’s legal battle with the SEC likely contributing to the subdued market performance.