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XRP-Based ETPs Arrive to Sweden, Causing XRP Price to Surge by 7%

XRP ETPs

The crypto market experienced a sharp rise in the last several days, starting on April 1st when numerous coins saw a massive boost. Bitcoin itself surged past $5.200 mark, albeit temporarily, and it is far from being the only one to see growth thanks to the new rally.

XRP did not grow nearly as much, even though it did join the surge at one point, which allowed its price to grow from $0.309428 to $0.369917. However, the correction followed soon after April 3rd, and by April 4th, the XRP price was well on its way to the former levels.

However, the price only reached the low level of $0.329 before XRP started pumping again, and the reason was a new report from Europe, or more precisely, Sweden.

According to reports, Sweden-based Nordic Growth Market announced that it would add four new ETPs (Exchange Traded Products) to its list — two for XRP, and two for Litecoin. As the news spread across the world, XRP price saw another massive 7.72% surge, all in the past 24 hours.

At the time of writing, XRP price sees a slightly higher value than it reached during the bull run which started on April 1st. The coin’s current price sits at $0.365308, while its trading volume exceeded $2.2 billion in the past day. Meanwhile, XRP market cap went past $15.2 billion as well, although the coin still sits at the third place, below Ethereum and Bitcoin.

The coin’s trading was most notable on ZBG exchange, where the most popular trading pair remains XRP/USDT. Upbit holds the second place in terms of XRP trading, where the most popular pair is XRP/KRW, with the registered trading volume of $122 million. Finally, the third place is being held by BW.com exchange, where XRP is once again paired against Tether (USDT), while the trading volume is extremely close to that of Upbit, at $121 million.

The importance of crypto-based ETPs

The addition of XRP-based ETPs on Nordic Growth Market is extremely important, as the company is a subsidiary of Borse Stuttgart exchange. This provides the new ETPs with means of reaching the entirety of the European Union, while European investors have received a new product to invest in.

The interest in cryptocurrency in Europe is on the sharp rise, which was confirmed by fiat-to-crypto exchange, Binance Jersey. The addition of trading products will also allow institutional investors to start participating more openly within the crypto sector, albeit indirectly.

Meanwhile, Litecoin (LTC), which is the second cryptocurrency which received ETPs on the Nordic Growth Market, is just starting to see a similar rise. LTC joined the April 1st surge as well, rising from $60.48 to $96.57, which was a massive growth. However, it was also cut short on April 3rd, when the coin’s price started dropping, and reaching $83 by April 4th.

The emerging news is turning the coin’s price around once more, and LTC currently sees another growth, although it reacts more slowly than XRP. Its current price is at $87, but the shift is happening nonetheless, and the coin is likely to once again reach the $96 barrier, and possibly even exceed it in days to come.

About Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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