XRP's 7.7% Jump Was Fueled by Routine Paperwork, Not a New ETF Approval

A sharp rally in XRP on September 18 was triggered by paperwork that, on closer inspection, did not grant any new regulatory approval. The token climbed roughly 7.7% as a filing from Bitwise Asset Management appeared on the Securities and Exchange Commission's public database, but the document was an amendment to an already-operating fund rather than a green light for a new product.

XRP opened the day near $1.30, reached an intraday high around $1.41, and closed at approximately $1.40, according to historical market data. The move extended a recovery that had begun days earlier, when the token dipped to $1.28 after trading above $1.42. By September 21, XRP had advanced further to roughly $1.53.

The filing at the center of the move was a Post-Effective Amendment No. 2 for the Bitwise XRP ETF, which already trades on NYSE Arca under the ticker XRP. The SEC's public record describes the submission as a preliminary prospectus dated September 18 and explicitly states that the information remains "subject to completion."

Crucially, the fund was not new. Accounting consents within the document reference financial statements covering the period beginning November 19, 2025, when operations commenced. That timeline confirms the ETF had been running for months before this amendment was submitted. Headlines suggesting Bitwise was "filing for an XRP ETF" therefore missed a critical distinction: the company was updating an existing product, not seeking approval for its first XRP fund.