Franklin Templeton has made a significant advancement with its application for a spot XRP ETF, as it successfully cleared a major hurdle in the approval process with the U.S. Securities and Exchange Commission (SEC). On November 4, the company updated its application by removing Section 8(a), which could eliminate the SEC’s ability to delay the approval and could see the ETF automatically enacted after a 20-day waiting period. This development underscores the investment giant’s determination to launch the XRP ETF as swiftly as possible.
Accelerating XRP ETF Approval Process
Franklin Templeton’s application update was confirmed by ETF analyst James Seyffart, who interpreted it as a strategic move to accelerate the approval process. By removing Section 8(a), the application process can continue uninterrupted even amidst potential government shutdowns. Experts suggest that this amendment could pave the way for the ETF to automatically deploy, thus removing a major uncertainty in the SEC approval procedure.
This maneuver by the investment giant highlights the growing institutional interest in XRP. Large funds, looking to diversify investments beyond Bitcoin and Ethereum, are increasingly viewing XRP as a cryptocurrency with tangible real-world applications. Particularly, Ripple’s expanding presence in international payment networks is fueling this interest.
Rising Institutional Demand
Franklin Templeton’s initiative coincides with Bitwise and Canary Funds expediting their XRP ETF applications. Canary Funds targets a November 13 launch for its ETF, while Bitwise has recently disclosed its listing plans. Such developments in the ETF landscape indicate that XRP is being perceived as more than just a cryptocurrency, but also as a viable payment instrument potentially integrating into banking infrastructure.
Despite the market’s anticipation, the price of XRP has not yet reacted in the short term as expected. According to data, XRP experienced a 0.94% drop in the last 24 hours, trading around $2.24. Analysts believe that investors are waiting for the formal SEC approval, predicting that upon approval, the price could accelerate towards its historic peak at $3.80.