- Franklin Templeton edges closer to first-ever XRP Spot ETF approval.
- Bitwise and Grayscale intensify competition with new XRP ETF filings.
- XRP price steadies as investors await possible SEC approval news.
The competition to launch the first XRP Spot ETF is intensifying as Franklin Templeton makes another significant move within just 24 hours. The global investment firm has updated its S-1 registration for its proposed XRP ETF, removing the 8(a) clause that previously allowed the U.S. Securities and Exchange Commission to delay approval.
According to analyst James Seyffart, this update shows Franklin Templeton’s clear intention to accelerate the approval process and bring its ETF to market as soon as possible. Without the 8(a) clause, the filing can now become automatically effective after the 20-day waiting period, even if the SEC remains inactive due to a government shutdown.
The quick update signals that Franklin Templeton is nearing the finish line, demonstrating its determination to be among the first institutions to provide investors with regulated exposure to XRP.
Also Read: Gemini Eyes Prediction Market Launch as Winklevoss Twins Bet on New Crypto Boom
Institutional Interest in XRP ETFs Grows
Other major firms are not far behind. Bitwise and Canary Funds have also updated their XRP ETF filings, aiming to speed up their approval timelines. Canary Funds is targeting a November 13 launch, while Bitwise has confirmed that its XRP ETF plans are progressing quickly.
These updates highlight the increasing institutional demand for XRP exposure. With Ripple’s growing network of banking partners and the token’s established role in cross-border payments, many investors see XRP as a practical digital asset rather than just a speculative token.
Hence, an approved XRP Spot ETF could expand mainstream access and mark a turning point for broader crypto adoption.
Bitwise and Grayscale Join the XRP ETF Race
Bitwise and Grayscale are also pressing ahead with their XRP ETF plans, intensifying competition among asset managers even as the SEC operates with limited capacity during the government shutdown. Bitwise set a 0.34% management fee for its proposed XRP ETF, while Grayscale announced a 0.35% fee for both its XRP and Dogecoin ETFs.
These filings come shortly after their Solana ETFs launched successfully, attracting strong investor demand and reinforcing confidence in crypto-based funds.
Market Reaction and Future Outlook for XRP
While anticipation for the ETF approval grows, XRP’s market performance remains relatively calm. The token slipped by 1.4% in the past 24 hours, trading near $2.24, with a market capitalization of about $134 billion. Many traders appear to be waiting for official confirmation from the SEC before making large moves.
Franklin Templeton’s decisive filing update strengthens its lead in the XRP ETF race and underscores a potential milestone for digital assets in traditional finance. If approved, the XRP Spot ETF would stand alongside Bitcoin and Ethereum ETFs, signaling a new phase of institutional adoption in the cryptocurrency market.
Also Read: Major Cryptocurrencies Decline as Market Sees Mild Correction Within 24 Hours
