Investment giant Franklin Templeton has filed to establish an exchange-traded fund (ETF) associated with cryptocurrency XRP. The company joins several other firms, including Bitwise and Grayscale, that previously submitted similar applications.
Franklin Templeton Joins the Race
Franklin Templeton, which manages $1.53 trillion in assets, has entered the race to establish an XRP ETF, competing for leadership in the vibrant cryptofund market. Prior to this, companies such as Bitwise, Canary Capital, and 21Shares submitted their applications.
SEC Approval Prospects
The ETF proposals submitted by various firms have already been acknowledged by the U.S. Securities and Exchange Commission (SEC). Analysts have interpreted this as a positive sign, but it remains to be seen whether the regulator will approve these filings. The decision regarding the Grayscale proposal is due by October 18.
Market Reaction to the News
The price of XRP has spiked by more than 5% over the past 24 hours, potentially in response to the filing news. Volatility Shares has also filed for exotic ETF products, including a fund that allows betting against the XRP price.
The introduction and approval of new XRP-based ETFs could significantly impact the cryptocurrency market, offering investors new opportunities for trading and investment.
