Franklin Templeton has officially filed an S-1 registration form with the SEC to launch an XRP ETF, following its earlier registration of the Franklin XRP Trust in Delaware.
Franklin Templeton now joins Bitwise, Grayscale, and WisdomTree as firms that seek to launch XRP ETFs. The proposed ETF under the CBOE BZX Exchange will enable investors to access XRP, which holds the fourth position in cryptocurrency market capitalization.
The XRP assets will be stored by Coinbase Custody, whereas Coinbase functions as the prime broker. The fund determines its net asset value through the CME CF XRP-Dollar Reference Rate.
The SEC continues to review spot crypto ETFs after approving Bitcoin and Ethereum ETFs while multiple firms, including Bitwise, Grayscale, and WisdomTree, compete to launch XRP ETFs. The SEC runs a 240-day review process for multiple XRP ETF applications, including Grayscale’s submission, which began in February.
The SEC and Ripple Labs continue their court dispute about XRP security status while these new filings appear. The ETF filing triggered an 8% price increase for XRP during its first 24 hours. Currently, the price of XRP stands at $2.19; it’s showing resilience despite recent dips.
According to CasiTrades, a crypto analyst, XRP maintains support zones as it continues its upward trend. XRP’s price potential for continued growth becomes stronger when it maintains a position above $2.04 while the next resistance stands between $2.25 and $2.70.
The recent news about XRP has generated positive expectations about its future because market participants carefully monitor the SEC’s review stage.
Also Read: XRP Price Battles to Hold $2, Will It Crash or Rebound?
