Ripple, the blockchain giant, is backing Bitwise Asset Management’s revamped Physical XRP ETP, now trading under the ticker GXRP. The rebranding is part of Bitwise’s overhaul of its European product line following its August acquisition of the ETC Group.

Ripple has announced an investment in Bitwise’s XRP exchange-traded product (ETP) as the issuer rebrands the offering to strengthen its presence in the European market. On Nov. 7, Bitwise announced it would rebrand its European XRP (XRP) ETP,

Ripple invests in Bitwise's rebranded Physical XRP ETP amid growing demand for crypto-backed investments in 2024.

Ripple's XRP rallied near the $2 mark on Friday after rumors of New York regulators approving the company's RLUSD stablecoin surfaced. The growing demand for an XRP exchange-traded fund (ETF) could also accelerate its launch in 2025.

It has more than doubled in two weeks on several positive catalysts, such as the clearing of regulatory headwinds for closely related Ripple Labs, the launch of money market funds on XRP Ledger, and a technical bullish price analysis.

With over $10 billion in client assets, Bitwise is reshaping institutional crypto investing, starting with the rebranded XRP ETP.