XRP ETP Exists on Swiss Stock Exchange, Features on Top 5 by Market Turnover

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XRP ETP Exists on Swiss Stock Exchange, Features on Top 5 by Market Turnover

XRP exchange-traded product (ETP) spotted on the Swiss Stock Exchange amid anticipation of an exchange-traded fund (ETF) in the United States.

While uncertainty surrounds the fate of an XRP exchange-traded fund (ETF) in the United States, a different investment vehicle for XRP exists on a prominent stock exchange in Europe.

In a recent tweet, XRP influencer Darren claimed that an XRP ETF exists on the SIX Swiss Exchange, a leading firm for crypto-based investment. However, the SIX Stock Exchange offers another form of an exchange-traded product (ETP) for XRP, not an ETF.

Notably, ETP is a basket term that refers to various types of investment vehicles such as exchange-traded commodities (ETCs), exchange-traded notes (ETNs) and exchange-traded funds (ETFs).

Darren’s tweet included a copy of the exchange’s most recent monthly financial report capturing crypto products traded on the platform.

There is an $XRP etf on Switzerland’s stock exchange SIX, if you are unaware. https://t.co/HuF3k2ywSj pic.twitter.com/smrpj2Iw46

— xrp.Darren🪝 🏴‍☠️ (@Fame21Moore) August 17, 2023

XRP on Top 5 ETPs By Market Turnover

The attached report featured multiple crypto-focused ETPs. The ETPs included XRP, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cosmos (ATOM), Cardano (ADA), and 12 others.

Furthermore, the report listed the ETPs based on their performance in the market. On the list of altcoins excluding Ethereum, XRP featured among the top five best performing ETP by market turnover.

In particular, XRP ETP of ‘21 Shares Ripple’ (AXRP) saw over $5 million in revenue. It attained this figure after being traded 447 times on the market. Similarly, the XRP ETP of Ripple/Leonteq Securities (CXRPTQ) saw a turnover of over $980k with 27 trades.

Meanwhile, leading the altcoin pack was the ETP of Solana. The 21 Shares Solana Staking ETP (ASOL) had over $10 million in turnover. ASOL attained this figure after seeing 218 trades from the market.

Swiss Crypto ETP Market

Expectedly, Bitcoin holds the largest share of the Swiss crypto ETP market, serving as an underlying asset for 29 markets. Also, Ethereum comes next, serving 21 markets. Meanwhile, XRP serves as an exchange product for six markets.

The Swiss Stock Exchange has listed 157 ETPs for various cryptocurrencies. Yet, its total crypto-based products hold a much more significant figure at 279.

In terms of revenue for all of its 18 listed cryptocurrencies, Bitcoin commands a 54.10% share. Meanwhile, Ethereum, coming next, makes up 14.03% of ETP revenue, while Ripple holds 7.59% in fourth position.

XRP ETF in the US

Experts have argued the unlikelihood of an XRP ETF in the US. The doubts stem from the fact that all ETFs need to be registered with the SEC, unlike the type of ETP offered on the SIX Stock Exchange.

Meanwhile, as The Crypto Basic reported, a prominent ETF analyst recently gave conditions for XRP ETF to materialize in the US.

Source: ethereum.today

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