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Bitwise Asset Management has submitted an application for a spot XRP exchange-traded fund (ETF) to the US Securities and Exchange Commission. The filing marks the first of its kind for the cryptocurrency. It aims to provide institutional investors exposure to XRP through traditional securities markets. The asset manager filed Form S-1 for its Bitwise XRP ETF. This initial step mirrors recent successful applications for Bitcoin and Ethereum ETFs. Bitwise's proposal would directly hold XRP tokens. The fund's launch remains contingent on two factors. First, the SEC must deem Form S-1 effective. Second, an exchange must file and receive approval for Form 19b-4, and this form requests a rule change allowing the ETF's listing. Bitwise cited investor demand as motivation for the filing. "XRP is an enduring crypto asset that many investors want exposure to," the company stated. Bitwise already manages spot Bitcoin and Ethereum ETFs. The application's timing is significant. It follows a ruling by Judge Analisa Torres that XRP is not inherently a security. However, the SEC's stance remains unclear. Market experts have weighed in on approval chances. Bloomberg analyst Eric Balchunas and ETF Store President Nate Geraci suggest approval is unlikely before US elections. Alex Thorn of Galaxy Digital sees approval odds dropping to zero if the SEC appeals its Ripple case. The SEC has indeed filed a notice of appeal in its Ripple lawsuit. This move challenges either Judge Torres' XRP ruling or the $125 million penalty against Ripple. The appeal introduces fresh uncertainty to the XRP ecosystem. Ripple CEO Brad Garlinghouse had anticipated more ETF filings following Bitwise's application. The SEC's appeal may dampen such enthusiasm in the short term. The ongoing legal battle casts a shadow over XRP's regulatory status, and it also raises questions about the viability of XRP-based financial products in the US market. As the case heads to appeal, the crypto industry watches closely. The outcome could have far-reaching implications for XRP and the broader digital asset landscape.

Ripple's XRP token has seen a surge in open interest. It reached nearly $1bn over the weekend, while the price of the token hovers around $0.61. XRP's performance stands out in the crypto market. It has risen 4.1% over the past week, contrasting sharply with struggling Bitcoin and Ethereum, down 1.5% and 2.3% respectively. In fact, at press time, XRP was the only crypto out of Top 10 to keep going up for the last 7 days. How is XRP managing to go against the tide? Several factors contribute to XRP's counter-trend movement. Grayscale Investments recently launched a closed-end XRP Trust in the US, allowing institutional investors exposure to the cryptocurrency. The Trust has shown strong performance. It surged by more than 11% within a week. This suggests robust institutional demand for XRP. XRP price goes up while other leading cryptos are down The launch has sparked speculation about a potential XRP exchange-traded fund (ETF). If approved, it would be only the third digital asset with its own ETF. Ripple's ecosystem is seeing other developments: the company is preparing to launch a USD-pegged stablecoin, RLUSD, which is currently in private beta testing on both XRP and Ethereum networks. Recent updates show active development of the stablecoin. 480,000 RLUSD was minted at RLUSD Treasury. The stablecoin could be integrated into Ripple's cross-border payment products. Open interest in XRP hit over $1bn over the weekend. It has since fallen to around $945bn. Spot trading volume in the last 24 hours exceeds $2bn. Rising open interest typically indicates increased market activity. It suggests more contracts are being opened. This may signal expectations of a price move in either direction. Analysts are divided on XRP's price prospects. Some are optimistic following Ripple's legal victory over the SEC. One analyst predicts a potential surge to between $16 and $20. Carl Runfelt, another crypto analyst, noted a multi-year bullish triangle pattern. He suggests XRP could rise by more than 200% within weeks if it breaks the pattern. However, XRP faces resistance at the $0.60 level. Failure to break through decisively could lead to a retest of the $0.55 support level.

XRP is gaining traction after a period of stagnation below $0.60. The cryptocurrency has struggled to keep pace with recent broader market gains. But its latest price action has sparked renewed interest among investors. Prominent crypto analyst Carl Runefelt has shared an optimistic outlook for XRP. He believes a significant rally may be imminent. Runefelt's analysis suggests XRP could revisit key resistance levels not seen since earlier this year. The altcoin is currently trading at a critical supply level. A breakthrough is necessary for further price appreciation. Positive sentiment in the crypto market has drawn attention to XRP's price movements. Runefelt's technical analysis focuses on a daily triangle pattern in XRP's chart. This formation often precedes increased volatility and directional movement, so the analyst predicts a potential upside breakout. If the pattern resolves bullishly, Runefelt targets a price of $0.90. This represents a 50% increase from current levels. Such a move would align XRP with the optimistic outlook pervading the crypto community. However, XRP must first overcome existing resistance. The $0.65 level has proven to be a significant hurdle. A convincing break above this point is crucial for confirming a new uptrend. At press time, XRP trades at $0.61. The price has seen a 6% increase in the past 24 hours. It currently holds above the 200-day moving average of $0.54, indicating long-term strength. Despite recent gains, XRP continues to struggle with the $0.65 resistance level. Bulls need to push the price above this mark to maintain momentum, because successful breakout could attract further buying interest. Failure to close above $0.65 may result in continued sideways trading. This could frustrate investors hoping for a clear directional move. In such a scenario, XRP might remain range-bound between $0.54 and $0.65. The coming weeks will be crucial for XRP's price action. Market participants are closely watching for signs of a sustained breakout, success could signal a new phase of growth for the digital asset.

Yellow Network, a next-generation decentralized clearing network for digital assets, has secured $10 million in seed funding led by Ripple Co-Founder and Silicon Valley pioneer Chris Larsen. This strategic investment comes as the market valuation reaches over $200 million, positioning itself as a frontrunner in the DeFi trading revolution. Other notable backers and supporters include Consensys, GSR, NxGen, MV Global, Gate Labs, ZBS Capital, Moonrock Capital, Math, Cobo, NOIA Capital, and LD Capital. Yellow Network introduces an innovative decentralized clearing protocol to address critical industry challenges, including liquidity fragmentation, scalability, and counterparty risks. The chain-agnostic network is built on state channel technology and provides capital efficiency, reduced latency, and scalability for the ever-growing digital asset market. Industry Leaders Driving the Innovation Yellow Network is the brainchild of a seasoned team of fintech and crypto experts led by Louis Bellet, a visionary entrepreneur and systems architect. As the founder of Openware, a leading provider of crypto exchange software, Louis brings a deep understanding of the industry's challenges. His expertise in building robust trading platforms has been instrumental in shaping the network architecture. Joining Louis is Alexis Sirkia, co-founder of GSR, the pioneering market-making firm. Sirkia’s extensive experience in trading and market dynamics has been invaluable in developing Yellow Network's value proposition. Together with Camille Meulien, a seasoned software architect, this dynamic trio is driving innovation and redefining the future of crypto trading. The Significance of Chris Larsen's Support Chris Larsen’s involvement marks a pivotal moment for Yellow Network. As a key figure in the development of online FinTech and blockchain technology, Larsen’s endorsement reinforces the importance of Yellow Network’s mission to bring trust, efficiency, and safety to the cryptocurrency trading industry. His pioneering work with Ripple, particularly in cross-border payments, significantly highlights the strategic alignment between the two companies as Yellow Network deepens its integration with Ripple’s XRPL EVM sidechain. Chris Larsen, Ripple Co-Founder, said, "I'm proud to support Yellow Network as it tackles liquidity fragmentation in crypto trading and sets new standards for the rapidly evolving digital asset ecosystem. Yellow Network's protocol is essential for the new players entering the space, and its ability to deliver fast trade execution and capital efficiency is a game-changer for high-speed trading firms." Yellow Network’s CEO, Louis Bellet, stated, “Having Chris Larsen's support is an incredible validation of our efforts. His contribution to Ripple and online finance transformed how the world perceives and utilizes blockchain technology. His involvement gives us the confidence to push forward and reshape how digital asset markets function.” Looking Ahead: $YELLOW Token and Future Developments As part of its next phase of growth, Yellow Network is preparing for the launch of the $YELLOW token, scheduled for Q4 2024. This token will be the lifeblood of the Yellow Network ecosystem, powering transactions across the platform. In preparation for the token launch, Yellow Network will roll out an exclusive liquidity-locking campaign, allowing the community to participate actively in the network’s expansion through liquidity mining. Additionally, Yellow Network plans to bring its partnership with Ripple to life by integrating Ripple’s XRPL EVM sidechain. This collaboration will further strengthen Yellow Network's capabilities, positioning it as a fundamental player in the evolving retail and institutional trading landscape. About Yellow Network Yellow Network is building the first decentralized clearing network for digital assets, addressing the inefficiencies of traditional crypto trading systems. By leveraging state channel technology and chain abstraction, the protocol drastically reduces latency, enables horizontal scalability, and improves capital efficiency, providing a secure, non-custodial solution to the modern trading ecosystem. Yellow Network is a project under the Layer-3 Foundation, a non-profit organization dedicated to supporting the adoption of chain-agnostic technologies that accelerate the mass adoption of blockchain. To learn more, visit www.yellow.org.

XRP's value remains robust, it's free from speculative pressures. That's what one market expert claims. Most digital assets have bubble traits, their value stability is uncertain. But XRP might be different. Crypto enthusiast SMQKE weighed in recently. He highlighted XRP's durability. SMQKE shared a document to back his claims. It stated: "Macroeconomic and financial developments did not significantly affect XRP's value. Bitcoin price changes didn't influence XRP." The document also mentioned a study, that found bubbles in Bitcoin and Ethereum. Meanwhile XRP showed no bubble. What's a speculative bubble? It's when prices are driven by hype, rather than by fundamental worth. SMQKE dropped a bombshell. He said Bitcoin and Ethereum have been in a bubble since 2017. He blamed price manipulation and dodgy centralized strategies. XRP's different, apparently. Its value isn't speculative, and SMQKE credits "technological security" for this. What does this mean? XRP's price can't be hyped up like other cryptos. Its value comes from real-world use. Think cross-border transactions and institutional finance. SMQKE's not done yet. He also claims Bitcoin and Ethereum aren't as decentralized as people think. This, he says, makes XRP even more solid. But wait, there's more. Some analysts are bullish on XRP. Crypto expert Pharaoh predicts a 2017-style breakout this year. Pharaoh's logic? It's all about Bitcoin halving. Eight months after the 2016 halving, XRP soared. He thinks history might repeat itself. There's a catch, though. Pharaoh says XRP needs to clear its legal hurdles first, because Ripple's ongoing lawsuit with the SEC is a big deal. If that gets sorted, Pharaoh's optimistic. He sees "tons of fundamental and technical momentum" for XRP in 2025. So, is XRP really bubble-proof? Or is this just clever marketing? The jury's still out. But one thing's for sure – XRP's got people talking.