XRP (XRP-USD) climbed 8.42% over the past 24 hours, trading at $1.50 by 10:38 a.m. EDT on Monday. The surge outpaced Bitcoin and Ether, which gained 6.65% and 6.15% respectively. However, a recent filing by Bitwise Asset Management with the U.S. Securities and Exchange Commission (SEC) is not a new exchange-traded fund (ETF) approval, as some market participants may have assumed.
The September 18 amendment to the Bitwise XRP ETF (NYSEARCA:XRP) prospectus does not register any additional securities. Instead, it updates the existing fund, which has been trading since November 2025. The distinction is crucial during a fast-moving crypto rally, as traders might misinterpret the filing as a green light for new investment vehicles.
According to CoinGecko data, XRP's daily trading volume reached $4.49 billion, significantly lower than Bitcoin's $49.80 billion and Ether's $23.12 billion. Despite the lower volume, XRP's market value stood at $94.14 billion, compared to Bitcoin's $1.726 trillion and Ether's $334.55 billion.
The amendment primarily changes disclosure mechanics. Bitwise elected to incorporate later reports by reference, and added the March annual report and the May and August quarterly reports to the prospectus. The fund's economic structure remains unchanged: it charges an annual fee of 0.34%, holds XRP with Coinbase Custody, and creates shares in 10,000-share baskets. The prospectus explicitly prohibits the trust from staking its holdings, a common practice in some crypto products.
Since its inception, the Bitwise XRP ETF has attracted significant capital. As of June 30, net assets reached $299.15 million, a 24% increase from December, even though the net asset value (NAV) per share fell 43% to $11.66. The fund's XRP holdings surged 118.6% to 286.84 million tokens, while shares outstanding more than doubled to 25.66 million.
This growth was driven primarily by new share creations rather than asset appreciation. Investors added exposure while the token's price declined sharply from year-end levels. At June 30, the fund's XRP holdings had a cost basis of $480.06 million but a fair value of only $299.23 million, representing an unrealized loss of 37.7%. Monday's price of $1.50 remains 10.4% below the fund's average cost of $1.674 per token, according to TS2 calculations.
Analyst forecasts for XRP vary widely. Standard Chartered's Geoffrey Kendrick set a year-end target of $2.80, implying 86.7% upside from current levels. FXEmpire's Alejandro Arrieche sees a more modest $1.80 target, with support at $1.32. A technical analyst, Ali Martinez, floated a conditional $60 target, but that would require a monthly close above $3.66, which is 144% above Monday's price.
The dispersion in forecasts underscores the importance of focusing on concrete data, such as ETF creations, rather than headline predictions. The next key test will be the September 30 balance sheet, which will reveal whether new creations, rather than price appreciation alone, continue to drive the fund's growth.
While XRP's rally is notable, the market should be cautious. The token's gains could reverse if broader crypto liquidity tightens, and ETF creations can amplify demand but also create volatility. The Bitwise amendment adds no new approval and no additional operating income from staking, so investors should base decisions on the fund's actual performance and market conditions.
