Bitwise Filing Spikes XRP 7.7% Amid Volatility

XRP saw a sudden surge of 7.7% on September 18, reaching an intraday high of around $1.413 and closing near $1.396.

The rally coincided with fresh paperwork appearing at the Securities and Exchange Commission (SEC) from Bitwise, which manages the Bitwise XRP ETF. However, a closer look reveals that this was not an application for a new fund but rather a Post-Effective Amendment No. 2 for its existing Bitwise XRP ETF.

The amendment did not represent a new approval by the SEC and instead dealt with existing documents, which explicitly stated that the information remained subject to completion. The paperwork described the document as a preliminary prospectus dated September 18.

It's worth noting that this is not the first time regulatory documents have been misinterpreted as new approvals. A recent Volatility Shares filing and ProShares XRP paperwork also showed similar cases of routine fund disclosures being mistaken for new approvals.