Crypto Company DeFi Technologies Unveiling XRP ETP in European Market
DeFi Technologies Inc. revealed in its Wednesday, November 22 press statement that its subsidiary Valour Inc. is unveiling Ripple (XRP) exchange-traded product (ETP) in December 2023 on a European exchange. The crypto-native technology firm is a pioneer in converging capital markets with decentralized finance (DeFi).
The renowned crypto technology firm is set to cement its position at the pole of bridging the conventional capital markets with the DeFi with the imminent launch of XRP ETP. The statement revealed that Valour Inc., a leading ETP issuer, considers the XRP ETP an invaluable investment vehicle tracking the fifth largest digital asset per CoinGecko.
Europe Set to Witness XRP ETP Unveil in December
The notification conveyed by DeFi Technologies Inc. in the Wednesday PRNewswire publication discloses that Valour would introduce the XRP ETP on an unnamed European exchange in early December 2023.
The publication detailed that the XRP ETP investment vehicle is set to empower investors, particularly in securing exposure to XRP seamlessly. The report outlined that investors would readily gain exposure to XRP securely by leveraging their respective brokerage and banking services.
DeFi Technologies observed XRP’s prominent position within the crypto market. The company noted that Ripple’s native token, XRP, commands a substantial market valuation of $31.6 billion to rank the fifth-largest cryptocurrency from 53.718 billion tokens.
Valour Inc. chief sales executive Marco Infuso hailed the development in an optimistic remark that introducing XRP ETPs would significantly expand the company’s product offerings. The sales chief admitted that including XRP in the Valour suite of products is catering to the wild demand for diversified digital asset investments within the European markets.
XRP ETP Closing on Ethereum and Bitcoin in Diversifying Investments Within European Markets
The unveiling of XRP ETP illustrates Ripple Lab’s role in facilitating swift and cost-effective money transfers. The DeFi Technologies spokesperson observed that XRP plays a critical input in the RippleNet framework. In particular, it is the bridging currency and enables smooth global currency exchanges.
The report indicated that XRP ETP would join Ethereum and Bitcoin as other Valour’s flagship offerings. Valour product lineup also features plans to add other crypto assets, including Solana (SOL), Binance Coin (BNB), Avalanche (AVAx), and Cardano (ADA).
Valour affirmed its commitment to advancing product innovation and development. As such, the company hinted at plans to expand the ETPs portfolio with new additions supported by conventional assets and physical holdings.
The Wednesday announcement places Valour alongside the ranks of the Swiss Stock Exchange in the league of prominent financial institutions that offer XRP ETP. Meanwhile, crypto market participants within the US are missing out on the opportunities available in the European markets, given that the Securities and Exchange Commission has barely approved a dozen filings for spot Bitcoin exchange-traded funds (ETFs). Also, only lately have the applicants submitted bids for the spot Ethereum ETFs.
XRP Market Activity
Ripple’s native token XRP is at presstime 07:28 UTC, exchanging hands at $0.608888, representing a 2.38% increment. Today’s uptick leaves the overall price level 6.26% down in the last seven days. XRP traded at a day’s low of $0.592196 before later testing $0.614982, per CoinGecko. Its daily trading volume suffered a 25.20% decline to approximately $1.100 billion, thus indicative of declining market activity.
The XRP tokens are readily trading on various crypto exchanges. DigiFinex emerged as the lead exchange where the most active trading pair, XRP/USDT, realized $4,972,122 trading volume in the last 24 hours. However, XRP is attracting market activity in Binance and Gate.io.
Despite XRP gaining bullish steam, its price is comparatively 82.05% lower from the all-time high of $3.40 realized in January 2018. XRP Rally is yet to turn around the seven-day run price decline of 6.30%. Comparatively, XRP underperforms the global crypto market, up by 2.80% in the period.
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