XRP jumps 7.7% as Bitwise amends XRP ETF, no new fund approval from SEC

No new ETF approval

Despite widespread attention, the new paperwork did not mark the regulatory approval of a brand new exchange-traded fund. Bitwise, a well-known digital asset manager, provided a Post-Effective Amendment No. 2 for its already active Bitwise XRP ETF. The SEC’s public filing described the update as a preliminary prospectus dated September 18 and made clear the product’s documents are still “subject to completion.”

A crucial detail noted by market observers is that Bitwise’s filing pertained to an existing product, rather than an application for the first XRP ETF by the company. Some sources emphasized that headlines announcing Bitwise was “filing for an XRP ETF” failed to accurately capture the true scope of the event.

XRP’s gain on September 18 followed Bitwise’s update to a current XRP ETF, not a completely new application, according to details from the official SEC documents and historical fund records.

Details about the Bitwise XRP ETF

According to the filing, the Bitwise XRP ETF trades on the NYSE Arca under the ticker XRP. The fund’s stated goal is to provide investors with exposure to XRP held by the trust. Accounting consents within the document reference financial statements dating back to November 19, 2025, confirming that the fund was already operating before the recent amendment.

Bitwise Asset Management is a San Francisco-based firm specializing in crypto index funds and exchange-traded products, aiming to deliver digital asset exposure to institutional and retail investors.

Mini dictionary: NYSE Arca, a US-based electronic securities exchange known for listing stocks, options, and a wide range of exchange-traded funds (ETFs).

XRP price movement and ETF inflows

Market history shows XRP opened the day near $1.30, hit an intraday high around $1.41, and closed at about $1.40, recording a 7.69% gain. This rally came in the middle of a volatile period for the asset. Three days prior, XRP had slipped to $1.28 after trading above $1.42, before mounting a recovery that gained speed on September 18. By September 21, XRP reached approximately $1.53.

Meanwhile, US XRP ETF products had already gathered about $1.7 billion in historical net inflows as of September 17, despite XRP trading well below its all-time peak. Research group Coinpaper recently highlighted this divergence between robust ETF demand and XRP’s subdued price levels.