Why Bitwise XRP ETF Is Soaring Today
Key Points
Vanguard will now allow investors to trade crypto ETFs on its brokerage platform.
A key banking regulator spoke to members of the House Financial Services Committee about stablecoins.
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The Bitwise XRP ETF (NYSEMKT: XRP) is up 8.1% on Tuesday as of 3:02 p.m. ET. The jump comes as the S&P 500 gained 0.2% and the Nasdaq Composite gained 0.6%.
The newly launched spot XRP ETF is up after Vanguard gave the green light to trade crypto ETFs on its platform, as well as Federal Reserve Vice Chair Michelle Bowman's appearance before a key House committee.
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Vanguard allows XRP ETFs
Vanguard, the second-largest asset manager on the planet, has long been a skeptic of cryptocurrencies, viewing them as too risky and too speculative for its liking. Investors have been barred from trading crypto mutual funds and ETFs, like the Bitwise XRP ETF, on its platform.
The prohibition has now been lifted after Vanguard announced late yesterday that traders could now access these funds through its brokerage. Given Vanguard's brokerage clients collectively manage $11 trillion in assets, the reversal is significant news.
Image source: Getty Images.
Stablecoin rules are coming
Fed Vice Chair Bowman spoke before the House Financial Services Committee yesterday, telling legislators she will work to create stablecoin regulations for banks and pledged to protect financial stability while encouraging responsible innovation. The comments helped boost cryptos across the board.
XRP is hyped up
To state the obvious, as a spot ETF, the Bitwise XRP ETF's fate is XRP's fate, and while the technology surrounding XRP is extremely useful, I believe its current valuation is driven primarily by speculation and a fundamental misunderstanding of its tokenomics by investors.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
