Crypto asset manager 12Shares is now further moving ahead with getting its XRP exchange-traded fund (ETF) while initiating a 20-day review period for its filing with the U.S. Securities and Exchange Commission (SEC).
If the US regulator takes no action within this timeframe, the XRP ETF filing will be effective and available for trading on the Cboe BZX Exchange under the ticker TOXR. Amid the strong correction in the broader crypto market during the first week, XRP price currently trades under the selling pressure, finding support at $2.25.
The proposed ETF aims to provide investors with direct exposure to XRP without requiring them to hold the digital asset directly. As per the filing details, Coinbase Custody Trust Company, Anchorage Digital Bank, and BitGo Trust Company will serve as the fund’s custodians. Similarly, authorized participants such as Macquarie Capital and Jane Street Capital will handle share creation and redemption, either in cash or in-kind.
Meanwhile, Franklin Templeton has filed an amendment to its S-1 for an XRP ETF, which has since been listed by the DTCC. This is a standard procedural step that typically precedes a market launch.
Similarly, Canary Capital has taken a significant step forward by removing the delaying amendment from its filing, allowing it to become automatically effective. Analysts suggest this could position Canary’s XRP fund for a potential launch as early as November 13, following hints from the firm’s recent post on X.
Popular ETF market analyst Nate Geraci predicted the launch of several XRP ETFs with November being one of the strongest months for the crypto market. Over the past week, other asset managers like Franklin Templeton and Grayscale have submitted their revised applications seeking the SEC nod.
Franklin Templeton updated its S-1 registration to remove a procedural clause that had previously enabled the SEC to postpone the filing’s effectiveness. Last week, on November 3, asset manager Grayscale also updated its XRP Trust filing for launching its spot XRP ETF in the market, as reported by CNF.
Ripple’s native crypto XRP has been on a downward move amid the broader market selling pressure since the beginning of this month. For now, the fourth-largest altcoin is finding a base at $2.25, with analysts expecting a recovery from here onwards.
A technical breakout above $2.28 could confirm the end of short-term compression as the RSI and the MACD point to an upward move from here. On-chain data confirmed the trend, revealing the creation of 21,595 new XRP wallets within 48 hours, the largest surge in eight months, accompanied by mixed activity among whale addresses.
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