Franklin Templeton, a major investment manager with $1.5 trillion in assets, has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on the cryptocurrency XRP. This news has positively impacted XRP's market performance.
Financial Manager Franklin Templeton Enters XRP ETF Race
The well-known investment manager Franklin Templeton has filed for an XRP-based ETF, joining the likes of 21Shares, Canary Capital, Grayscale, Bitwise, and WisdomTree to offer crypto-based financial products to investors.
XRP Price Movement Analysis
XRP's price has surged by 8% to $2.15, reflecting positive momentum amid a wider crypto market recovery. The moving averages indicate a slight upward trend, which could gain strength if the price stays above the resistance levels. Conversely, instability could lead to a dip below the support level.
Long-term Prospects for XRP
In the long term, XRP maintains a strong growth potential despite macroeconomic pressures affecting its current price. Institutional investor interest, pending SEC approvals, makes XRP a promising investment that might bolster its market position.
Franklin Templeton has joined the ranks of investment firms recognizing the potential of XRP and aiming to offer it in an ETF format. Subject to SEC's decision, this could lead to increased institutional interest in the cryptocurrency.
