Prominent asset manager Franklin Templeton has joined many firms vying to offer an XRP exchange-traded fund (ETF), submitting an S-1 filing with the United States Securities and Exchange Commission (SEC).
Franklin Templeton Joins the List
This latest filing adds to the recent surge in ETF applications submitted to the SEC. Following a recent Solana ETF filing, this move further solidifies Franklin Templeton’s expansion into the cryptocurrency ETF market, complementing its existing spot Bitcoin and Ethereum ETF offerings.
The company joins other notable applicants, including 21Shares, Canary Capital, Grayscale, WisdomTree, and Bitwise, seeking SEC approval for XRP ETFs. Franklin’s XRP ETF will soon be available on the Cboe BZX Exchange. Coinbase will keep the fund’s XRP.
While 21Shares, Bitwise, and Grayscale have already progressed to the 19b-4 filing stage, receiving SEC acknowledgment, Franklin Templeton must now submit its own 19b-4 form for official processing. The approval or rejection timeline will commence after SEC registration in the Federal Register.
Moreover, the paperwork says the price will be updated every 15 seconds during trading. Coinbase handled most of the XRP trading in 2024, so its prices are essential. Franklin Templeton will charge a yearly fee, but the exact amount isn’t shown.
Nonetheless, the fee covers usual costs like storage, administration, and legal bills up to a certain amount. The fund would pay unusual costs, like lawsuits or fines. This might mean selling XRP, which could lead to taxes for investors.
XRP Price Surges
XRP’s price has skyrocketed following the XRP ETF filing, climbing over 8% in the past 24 hours. This represents a significant rebound after a brief dip below $2 yesterday.
Crypto analyst CasiTrades observes that XRP has precisely maintained the 0.5 Fibonacci support level. The consolidation pattern remains intact, and selling pressure appears to be exhausted.
Further, the Relative Strength Index (RSI) trendline has preserved the bullish divergence. CasiTrades emphasizes the importance of XRP holding above $2.04 and $2.11, identifying these as crucial bottom trendlines for maintaining the current consolidation. Either level could serve as the support target.
The analyst projects the next resistance levels at $2.25 and $2.70, representing the next potential breakout points. CasiTrades concludes that the overall XRP price action remains bullish.
