- The XRP community is ecstatic after reports of a Fidelity XRP ETP emerged on social media.
- Fidelity joins Grayscale which recently re-added XRP to its Grayscale Digital Large Cap (GDLC) fund.
There have been mixed reactions in the XRP community, commonly referred to as the XRPArmy after reports of Fidelity’s XRP Exchange-traded products (ETP) emerged. For months now, investors and analysts have questioned the lack of interest in XRP ETF products despite its legal clarity. Unlike Ethereum which has seen financial institutions file for ETFs, XRP’s categorization is protected by the court.
Following reports of Fidelity’s XRP ETP, it is now clear that institutions are interested in XRP ETPs. The conversation began with an X post shared by the Good Morning Crypto podcast who posted a screenshot of the XRP ETP displayed on Fidelity Investments’ digital platform.
JUST IN: Fidelity Unviels $XRP ETP !?!
With @Grayscale & @Fidelity offering $XRP products, 2024 could be the breakout year for XRP as it inches closer to all-time highs.
Comment Below and Follow For More!
— Good Morning Crypto (@3TGMCrypto) January 7, 2024
The account speculates that 2024 could be a breakout year for the digital asset based on this offering. ETPs and ETFs are often referred to as investment vehicles that allow institutional investors to get involved with digital investments indirectly. In addition to removing all the complexities of the investment, they are safe and regulated, key factors for traditional investors.
Following this development, investment firm Grayscale and asset manager Fidelity will both offer XRP products. As CNF reported, Grayscale recently re-added XRP to its Grayscale Digital Large Cap (GDLC) fund. The firm dropped the product back in 2020 after the U.S. Securities and Exchange Commission (SEC) brought forth its case against Ripple for issuing unregistered securities.
New for this quarter:
$AVAX and $XRP have been added to Grayscale Digital Large Cap Fund $GDLC
$MATIC has been removed from GDLC
Read on for full updated component weightings of our multi-asset products. (1/6)
— Grayscale (@Grayscale) January 6, 2024
The reintroduction of XRP products is one of the key positives of the ruling by Judge Analisa Torres, declaring XRP a non-security last year. The digital asset has further seen several key crypto exchanges relist it. But is the claim true? With only a screenshot as proof, has Fidelity launched an XRP ETP in the U.S.?
A simple search on the Fidelity platform shows that the only XRP ETP is the one issued by Amun AG, a Swiss-based financial institution that rebranded to 21Shares. This is not a new product and is one that CNF has extensively reported about.
While not yet, analysts still believe that this year, financial institutions will take an interest in XRP. Introducing investment vehicles for traditional investors will usher in a new wave of demand and a new all-time high for the 6th-ranked cryptocurrency.
XRP Price Change
Social sentiments seem to be extremely high based on a poll shared by the same account. With the community voting between XRP surpassing $3.84 in 2024, an overwhelming 76% voted that it would surpass this level.
At the time of press, XRP is trading at $0.5586 after a 2% drop in the last 24 hours that extends its weekly loss to 10%. The price drop is part of a wider market bearish trend seemingly caused by investors swapping altcoins for Bitcoin (BTC) ahead of a possible Bitcoin spot ETF approval this week.
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