The post Franklin Templeton Joins XRP ETF Race, SEC Delays Decision on Multiple Crypto Funds appeared first on Coinpedia Fintech News
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.
Notably, the SEC is still reviewing spot crypto ETFs after approving Bitcoin and Ethereum ETFs. The new SEC filing puts the entity in line with other asset managers like Bitwise, 21Shares, Canary Capital, Grayscale, and WisdomTree, all competing to launch an XRP ETF.
This proposed ETF, under the CBOE BZX Exchange, will give investors access to XRP, which is currently the fourth-largest cryptocurrency by market cap. Coinbase Custody will store the XRP assets, with Coinbase acting as the prime broker. The fund will determine its net asset value using the CME CF XRP-Dollar Reference Rate.
XRP ETFs Got 65% Chance!
The SEC has acknowledged several XRP ETF filings, beginning with Grayscale’s application on February 14, initiating a 240-day review period. Other filings from WisdomTree, Canary Capital, and CoinShares are also under review and are now in the public commentary phase. Bloomberg analysts Eric Balchunas and James Seyffart predict that XRP ETFs have a 65% chance of being approved by the SEC in 2025.
SEC Delays Decision on ETFs, New Deadline
As per a recent notice, the SEC has delayed its decision on Grayscale’s XRP ETF application. It noted that it needs more time to determine whether to approve or reject the proposal.
The SEC has delayed its decision on several crypto spot ETFs, including VanEck’s Spot Solana ETF, Canary’s Spot Litecoin and Solana ETFs, Canary and Grayscale’s Spot XRP ETFs, and Grayscale’s Spot Dogecoin ETF. Investors will have to wait until May 2025 for updates on whether these applications will be approved, rejected, or further delayed.
For XRP, the new deadline is May 22, 2025. This affects both the Canary Spot XRP ETF, Bitwise’s Spot XRP ETF and the Grayscale Spot XRP ETF, both of which have been waiting for approval.
XRP Rises 8%
At the same time, the legal fight between the SEC and Ripple Labs over XRP’s security status continues. Despite the ongoing uncertainty, the recent ETF filing sparked an impressive 8% price surge for XRP within 24 hours. Currently priced at $2.19, XRP is showing strong resilience even with recent dips.
Crypto analyst CasiTrades notes that XRP is holding strong support levels, helping it continue its upward trend. XRP’s growth potential remains strong as long as it stays above $2.04. The next resistance levels to watch are $2.25 and $2.70.
Recent news around XRP has raised positive expectations, with market watchers closely following the SEC’s review process. Also, XRP, which has more than tripled in value in the past year, is also part of Trump’s plan for a new strategic reserve.
