Franklin Templeton Joins XRP ETF Race with S-1 SEC Filing
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Franklin Templeton has filed for an XRP ETF with the SEC, joining other firms like Bitwise and Grayscale in seeking regulatory approval.
This news triggered an 8% price surge in XRP to $2.19, boosting market optimism despite ongoing SEC scrutiny and Ripple’s legal battle.
The cryptocurrency world is abuzz following Franklin Templeton’s filing for an XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The move positions Franklin Templeton among other financial giants such as Bitwise, Grayscale, and WisdomTree in the race to introduce XRP ETFs. This development has sparked an 8% surge in XRP’s price, pushing it to $2.19, signaling investor enthusiasm despite recent market fluctuations.
Franklin Templeton Joins the XRP ETF Race
Franklin Templeton officially submitted an S-1 registration form to the SEC after previously establishing the Franklin XRP Trust in Delaware. The proposed ETF, which is set to trade on the CBOE BZX Exchange, aims to offer investors exposure to XRP, the fourth-largest cryptocurrency by market capitalization.
To ensure secure asset storage, the fund has enlisted Coinbase Custody as its custodian, while Coinbase will also serve as its prime broker. The ETF’s net asset value (NAV) will be determined using the CME CF XRP-Dollar Reference Rate, a standardized pricing mechanism for XRP.
SEC Review and Market Implications
The SEC continues to review multiple spot cryptocurrency ETF applications, having already approved Bitcoin and Ethereum ETFs. With an extensive 240-day review process, several XRP ETF filings, including Grayscale’s, remain under evaluation. Meanwhile, Ripple Labs and the SEC are still engaged in a legal battle regarding XRP’s security status, adding another layer of uncertainty to the regulatory landscape.
XRP’s Price Surge and Market Sentiment
Following the ETF filing, XRP experienced a significant 8% price jump within 24 hours. Currently trading at $2.19, the digital asset demonstrates resilience even after recent price corrections. According to crypto analyst CasiTrades, XRP maintains key support levels and shows potential for further gains if it holds above $2.04. Resistance levels at $2.25 and $2.70 may determine its next move in the coming days.
The XRP ETF filing has ignited optimism among investors and market participants who are closely monitoring the SEC’s review process. If approved, the ETF could provide mainstream investors with easier access to XRP, potentially driving further adoption and price appreciation. While regulatory uncertainties persist, the growing interest in XRP ETFs signals confidence in the asset’s long-term viability in the cryptocurrency market.
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