By Hassan Mehmood (Saudi Arabia)
XRP is the most controversial digital currency at the moment. Ripple Labs and SEC’s legal tussle has become a spectacle for every person in the financial world. For the time being, it seems that the defendants have the scale of justice leaning in their favour. However, the case does not seem anywhere near a conclusion. While the token has managed to witness a surge of 119% since the announcement of its latest legal conquests, there are still many factors that remain uncertain.
The protest of US citizens to get the security listed on the major exchanges has been rallying with full force on many social media platforms. The Six Swiss stock exchange would see the listing of an ETP tied to XRP in the coming days. CoinShares, a London-based cryptocurrency exchange, has announced the issuance of the XRP Exchange Traded Product at the third-largest stock market in Europe.
The Ripple Labs Token Might be able to Gain Momentum in the European Markets
Zurich-based stock exchange SIX Swiss has decided to list the XRP ETP under the XRPL ticker. The total market cap for the said exchange product is valued at $1.6 trillion at the moment. This news has renewed the enthusiasm for the XRP holders all over the world and gave them hope for the survival of the controversial cryptocurrency for a longer period.
The investors who are interested in the ETP would be able to obtain it for a base fee of $1.5% per annum. It should be noted that CoinShares is arguably the largest cryptocurrency exchange in Europe, with a volume of roughly $1 billion AUM. One unit of the ETP for Ripple labs accounts for 40 XRP tokens that are currently valued at $68. The same EU digital asset exchange has also announced an ETP for Litecoin, Bitcoin, and Ethereum in the ongoing month.
XRP Rally Continuous
In the aftermath of the SEC lawsuit, the US-based exchanges started to ditch the XRP token as fast as possible. Bitwise delist the XRP token on the very second day of the lawsuit, while Grayscale dissolved its XRP trust in the present year during January. These measures were taken to avoid any chances of getting court summons and prosecution by the Securities and Exchange Commission (SEC).
Thus far, Swiss Lykke is the only exchange-traded fund that has responded to the #Relist XRP movement’s pleas. On the other hand, the controversial cryptocurrency continuous to rally on trading platforms like Binance and Huobi. Due to the recent legal victories, many retail traders are taking an interest in the controversial token, increasing its trade volume to lofty levels.
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