Recent days have seen a surge of interest in XRP-based ETFs following updated applications from a number of major asset management firms to the U.S. Securities and Exchange Commission (SEC).
Asset Management Firms Activate XRP ETF Applications
Seven major asset managers, including Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree, submitted updated S-1 filings to the SEC. These applications highlight the growing interest among financial institutions in XRP-based products.
Coordinated Action Strengthens Approval Prospects
Nate Geraci, president of NovaDius Wealth, characterized the cluster of filings as 'highly notable', asserting that this unified approach could complicate regulators' efforts to delay. While there is still no guarantee that the SEC will approve an XRP ETF soon, analysts agree that such coordination strengthens the case.
XRP Market Reacts to the News
In the wake of the announcements, XRP's price surged by 7% to $3.08. This increase reflects optimism among traders, who see the filings as a step closer to mainstream acceptance of XRP. Fresh institutional support through ETFs could become a significant driver of XRP's growth in the future.
The substantial influx of new XRP ETF applications from major asset managers indicates considerable interest in this asset class. The approaching decision deadline in October creates a situation where any decisions from the SEC could have profound impacts both on the market and on XRP itself.
