It has more than doubled in two weeks on several positive catalysts, such as the clearing of regulatory headwinds for closely related Ripple Labs, the launch of money market funds on XRP Ledger, and a technical bullish price analysis.

Ripple, the blockchain giant, is backing Bitwise Asset Management’s revamped Physical XRP ETP, now trading under the ticker GXRP. The rebranding is part of Bitwise’s overhaul of its European product line following its August acquisition of the ETC Group.

Ripple invests in Bitwise's rebranded Physical XRP ETP amid growing demand for crypto-backed investments in 2024.

Recent filings from prominent firms like NYSE Arca for Bitcoin and Ethereum ETPs, Hashdex’s amended S-1 for its Nasdaq Crypto Index US ETF, and Grayscale’s bid to include altcoins like Solana and Avalanche in its Digital Large Cap Fund underscore the industry’s evolution.