The European branch of the ETF issuer WisdomTree has just announced a new ETP based on XRP. This product is now available in four EU countries, which has caused a slight increase in the price of XRP.
ETP is a popular strategy for issuers to generate revenue without the need for ETF approval, but Europe may not necessarily approve it even if the US does.
Also Read: XRP Analysis: The Necessary Conditions for the Price to Reach the Highest Level Since 2021
WisdomTree's XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, has announced that its European branch is providing an XRP-based ETP product. This new product is now available in Germany, Switzerland, France, and the Netherlands. An increasing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different approach.
"The WisdomTree Physical XRP ETP provides a simple, secure and low-cost way to access XRP, one of the largest cryptocurrencies by market capitalization. 100% backed by XRP, XRPW is the lowest-cost XRP ETP in Europe, providing direct spot price exposure,"
the announcement said.
The prospect of an official XRP ETF is increasing with the current bullish market, and Ripple's CEO, Brad Garlinghouse, sees it as "inevitable." However, this has not happened yet, and ETP products allow issuers to somewhat meet customer demand. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to participate in the same market.
However, WisdomTree is no stranger to this market strategy. In May of this year, they were approved to provide Bitcoin and Ethereum-based ETPs for UK investors. The UK has not yet approved a full ETF for any of these assets, but WisdomTree has still gained market access. Even a small portion of the XRP market could be profitable; the value of this asset has surged today.
XRP Price Performance. Source: BeInCryptoWisdomTree Europe's strategy page does not describe any additional actions upon full approval. Even if the US approves an XRP ETF under the new SEC leadership, that does not necessarily benefit WisdomTree's European branch. For now, these XRP-based ETPs should be enough for this market.
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