21Shares Files For $XRP ETF – Reiterates XRP Ledger's Transaction Speed, Token's Non-Security Status

   The XRP token has been trending in recent weeks amid apparent interest among institutions seeking to provide exposure to the world's seventh-largest cryptocurrency by market value.Following recent filings by some prominent financial institutions, crypto investment platform 21Shares has filed for an XRP exchange-traded fund (ETF), called the 21Shares Core XRP Trust.21Shares Compares Bitcoin Blockchain to XRP LedgerIn its filing, 21Shares, which jointly issued a spot Bitcoin ETF with global asset manager Ark Invest, said that the XRP Ledger, whose native token is the XRP, differentiates from the Bitcoin network through its consensus-based algorithm, the Ripple Protocol Consensus Algorithm."It is this mechanism, as opposed to the proof-of-work mechanism utilized by the Bitcoin blockchain, that allows the XRP Ledger to be fast-energy-efficient and scalable, and therefore suitable for its most prominent use case, the facilitation of cross-border financial transactions," the company stated.It further noted how proof-of-work systems require massive computational power, but the XRP Ledger's mechanism is "extremely lightweight in terms of energy usage."21Shares Reiterates $XRP's StatusAside from highlighting the XRP Ledger's pros over the Bitcoin chain, 21Shares also emphasized the XRP token's legal status."XRP is not a security, and is thus not subject to the protections of the U.S. federal securities laws," the filing stated, a statement backed by a 2023 court ruling wherein a judge found that XRP can only be tagged a security if it is offered to institutional investors.The U.S. Securities and Exchange Commission (SEC) has filed to thwart some provisions of the said ruling, but not the part regarding the XRP's non-security status. Ripple, which the financial regulator sued over its sales of the XRP token and is the largest holder of XRP, has since filed a cross-appeal to challenge the SEC's appeal filing.21Shares is third-mover in the institutional pivot toward XRP ETFs. Bitwise has the first-mover advantage, while Canary Capital is second in line.Market is Sending a Clear Message: GarlinghouseRipple CEO Brad Garlinghouse commented on the development, saying 21Shares' filing is a clear message from the market: "institutional interest in XRP products is stronger than ever."He also jabbed the SEC, saying the Wall Street regulator's continuing "disregard for the court's authority will further erode the SEC's credibility and reputation."$XRP's Road to Top 7Before getting much attention in the crypto space this year, the XRP token was largely in a stagnant state following the SEC's lawsuit against Ripple in 2020. Since then, Ripple has been defending the XRP token, with an unwavering legal team and a faithful community believing that XRP will come through.As of early Monday, XRP remains the seventh-largest cryptocurrency by market cap, with a value of over $28.8 billion according to CoinGecko. Despite not coming close to its all-time high of $3.40 (recorded early in January 2018) since 2020, the token is expected to climb should XRP ETFs be approved.