XRP (XRP) consolidated its newly gained second position in the market cap rankings Saturday, with a 5% valuation spike over twenty-four hours. This compounds the coin’s runaway growth since the recent market dip, from which time XRP has climbed 14% in price.
The price movement comes amid news that the prominent Swiss stock exchange, SIX, is set to launch a crypto-based exchange traded product (ETP). The product will see five major cryptocurrencies exposed to the market, namely, XRP (XRP), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Crypto Exchange Traded Product
While the majority of the investment package will be weighted towards Bitcoin, XRP is well represented with the second highest share. BTC will make up 50% of the product, and XRP will make up 25%. Ethereum takes third spot with around 17%, and BCH and LTC make up the rest with 5% and 3% respectively.
Dubbed the Amun Crypto ETP, it is expected to go live next week, and as chief executive Hany Rashwan told the Financial Times (paywall):
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”
In a nod to a cherished piece of lingo in the crypto-culture, the ETP will be listed under the ticker, HODL.
This comes just a few days after Thomas Zeeb, head of securities and exchanges at SIX, told Reuters that he expects blockchain to completely disrupt the existing model of exchange market, saying:
“The existing system could be completely replaced by the digital exchange in about 10 years. The moment that brokers, banks, insurance companies and big asset managers really see the cost advantages, they’ll move relatively quickly.”
XRP Price Climbing
Since Thursday, XRP gained 14% on its way from $0.435179 up to $0.496730. That was enough to take the market cap to just shy of $20 billion, which is now pulling slowly away from Ethereum’s $17.9 billion.
As was the case during all of XRP’s previous spikes, a significant chunk of the buys came from Asian markets – specifically the XRP/JPY trade, which was the most concentrated pair on Saturday.
Besides the recent surge by Factom (FCT), and a sudden spike by Stratis (STRAT), XRP is the best performer out of the market cap top hundred for Saturday. Almost all coins are down for the previous week, but XRP’s 3% losses are nothing compared to the 13% lost by BTC, the 18-20% lost by ETH and LTC, or the 30% lost by BCH.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.