The year 2024 has been a landmark one for the cryptocurrency space, with Bitcoin receiving approval for exchange-traded fund (ETF) launches earlier this year and surpassing the $100K mark later. Moreover, Ethereum ETFs have also made their debut (read: Bitcoin to Hit $2,00,000 in 2025? ETFs in Focus).

In fact, Bitcoin ETF iShares Bitcoin Trust ETF IBIT sits on an asset base of $48.03 billion, in just 11 months of launch. ETF IBIT has become the fastest-growing ETF in history. The rally in the crypto space has beenfueled by Trump's victory. Bitcoin (BTC) is up 31.6% past month, Ethereum (ETH) has gained about 50% and Ripple (XRP) price has jumped about 338%, at the time of writing.

Trump’s proposed Bitcoin reserve and domestic mining focus have led to a superb rally in all cryptocurrencies following his election win. Moreover, a wide adoption of institution, more mainstream acceptance and the resignation of crypto critic SEC Chair Gary Gensler acted as other tailwinds.

Will this scenario pave the way for the launch of Ripple ETFs?

WisdomTree Files for Spot XRP ETF

WisdomTree has filed for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC), becoming the fourth company to seek approval for an XRP-based ETF in the United States. The WisdomTree XRP Fund aims to provide investors exposure to XRP's price via shares listed on the Cboe BZX Exchange.

This filing follows the company’s success with its Bitcoin ETF, launched earlier this year. With this move, WisdomTree joins Bitwise, 21Shares, and Canary Capital in seeking SEC approval for spot XRP ETFs. Bitwise led the charge in October, followed by Canary Capital and 21Shares. Unlike 21Shares’ product, which offers indirect XRP exposure via a trust, WisdomTree’s ETF aims to directly track XRP’s price.

Ripple’s Ongoing Legal Battle

The submission comes amid Ripple's legal battle with the SEC over XRP's regulatory status. While the outcome is uncertain, some analysts suggest that a change in SEC leadership could improve the chances of approval for XRP-based products. This optimism comes at a time when XRP prices hit their highest levels since 2021 in late November.

Any Silver Lining?

The SEC’s stance on XRP ETFs remains ambiguous, but growing interest in crypto assets and potential regulatory shifts in the Trump era could create opportunities for firms like WisdomTree. Also, a new SEC chair may accelerate the approval of XRP ETFs, particularly due to Ripple's U.S. roots — a point Trump has actively highlighted.