What happened?
An exchange-traded fund (ETF) for XRP has officially launched. In the first 90 minutes of trading, the ETF attracted over $24 million in inflows, indicating a high level of institutional interest and signalling a possible shift in momentum for the Ripple-backed token.
Who does this affect?
This development affects both retail and institutional investors. The REX-Osprey XRP ETF (XRPR) will allow these investors to gain exposure to this top cryptocurrency through the regulated U.S. stock market, potentially impacting their investment strategies and decisions.
Why does this matter?
This matters because the launch of the XRP ETF could influence the overall cryptocurrency market over the next few weeks. The strong initial performance suggests an increased demand for XRP, which could affect its price and position in the crypto market. Furthermore, a successful ETF could encourage more launches of similar products, stimulating further growth in the crypto industry.