Ripple Surges as CoinShare Launches Ripple-Based ETP

Ripple Surges as CoinShare Launches Ripple-Based ETP

Ripple (XRP) has spiked to a new three-year high to almost $2 as Europe’s largest cryptocurrency investment firm, CoinShare, launches an XRP-focused ETP.

After releasing exchange-traded products (ETP) for Bitcoin, Ethereum, and Litecoin, CoinShares has trained its focus on an XRP ETP. The Europe-based crypto investment firm revealed that the XRP ETP would get listed on the regulated Six Swiss Exchange, and each unit will get backing from physical tokens, just like previous projects.

Despite the ongoing legal issue with the SEC, Ripple continues to see widespread adoption across the globe. CoinShare noted that its decision to launch an XRP-based ETP got triggered by the recent performance of the XRP.

The new ETP will get listed in the SIX Swiss Exchange bearing the ticker XRPL, which got developed by CoinShare’s very own CoinShare Physical.

Each unit of the ETP, backed by the US dollar, will represent 40 tokens at launch and would have a base fee of 1.5% p.a.

Townsend Lansing, Head of Product at Coin, noted that the launch of this product comes amid a frenzied adoption by retailers.

That said, XRPL will be the eighth ETP released by CoinShare and the fourth since the beginning of the year.

Key XRP Levels to Watch — April 14
Ripple is currently consolidating below the $1.9000 resistance level, following a surge to the $1.9637 high yesterday. The fourth-largest cryptocurrency is trading along an ascending channel, as the broader market mood picks up immense bullish steam ahead of the Coinbase IPO.

XRPUSD – Hourly Chart

That said, the cryptocurrency could continue to consolidate and even decline to the $1.7000 level in the run-up to today’s headlining event.

Meanwhile, our resistance levels are at $1.9000, $2.0000, and $2.1000, and our support levels are at $1.7000, $1.6000, and $1.5000.

Total Market Capitalization: $2.2 trillion

Ripple Market Capitalization: $82 billion

Ripple Dominance: 3.7%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.