Franklin Templeton Joins XRP ETF Race, SEC Delays Decision on Multiple Crypto Funds
Franklin Templeton has officially submitted S-1 Registration Form After the SEC launched the XRP ETF, before Franklin XRP’s signature in Delaware.
It is worth noting that the SEC is still reviewing on-site crypto ETFs after approval of Bitcoin and Ethereum ETFs. The new SEC archive brings the entity to the same side as other asset managers, such as Bitwise, 21shares, Canary Capital, Grayscale and WisdomTree, all competing to launch XRP ETFs.
According to the CBOE BZX Exchange, the proposed ETF will give investors access to XRP, currently the fourth largest cryptocurrency in market capitalization. Coinbase custody will store XRP assets, and Coinbase acts as the primary broker. The fund will use the CME CF XRP-allar reference rate to determine its net asset value.
XRP ETF gets 65% chance!
The SEC has confirmed several XRP ETF documents, starting with the Grayscale application on February 14, and has begun a 240-day review period. Other documents from WisdomTree, Canary Capital and Coinshares are also under review and are now in the public comment phase. Bloomberg analysts Eric Balchunas and James Seyffart predict that the XRP ETF has a 65% chance of SEC approval in 2025.
SEC delays decision on ETF, new deadline
According to the latest notice, the SEC has Delay It’s decision on Grayscale’s XRP ETF application. It noted that it would take more time to determine whether to approve or reject the proposal.
The SEC delayed its decision on several cryptocurrency ETFs, including Vaneck’s Sot Solana ETF, Canary’s Spot Litecoin and Solana ETF, Canary and Grayscale’s Spot XRP ETF, and Grayscale’s Spot Dogecoin ETF. Investors will have to wait until May 2025 to obtain updates on whether these applications will be approved, rejected or further postponed.
For XRP, the new deadline is May 22, 2025. This affects the Canary Spot XRP ETF, Bitwise’s Spot XRP ETF, and Gray Spot XRP ETF, both of which are awaiting approval.
XRP rises 8%
Meanwhile, the legal battle between the SEC and Ripple Labs and the security status of XRP continues. Despite persistent uncertainty, recent ETF applications have caused an 8% price increase in XRP in 24 hours. XRP currently has a price of $2.19, and even though it has recently dropped, XRP has shown strong elasticity.
Crypto analyst Casitrades noted that XRP has strong support levels to help it continue its upward trend. As long as XRP’s growth potential remains above $2.04. The next resistance level to watch is $2.25 and $2.70.
The latest news about XRP raises positive expectations, with market viewers following the SEC’s review process. Similarly, XRP has been worth more than twice as much over the past year and is part of Trump’s plan for the new strategic reserve plan.
