Second XRP ETF Filing Hits The Market, How Did The XRP Price Respond?
10 Octubre 2024 - 3:00PM
NEWSBTC
The crypto ETF market is expanding at an alarming rate, with news
of a second XRP Exchange Traded Fund (ETF) filing spreading across
the space. Canary Capital, a boutique Sydney investment and
corporate advisory firm has just filed an XRP ETF, following
Bitwise’s lead. With the new ETF filing, the price of XRP could see
a possible change in the future. Canary Capital Files New XRP
ETF On Tuesday, October 8, Canary Capital submitted an official S-1
filing for an XRP ETF with the United States Securities and
Exchange Commission (SEC). This filing comes just after Bitwise,
another top asset management company filed for an ETF on September
30, marking the first ever XRP–based ETF in the crypto
market. Related Reading: Dogecoin Vs. Bitcoin: Gauging The
Performances Of Two Crypto Giants This Cycle According to Canary
Capital’s new filing, the Trust’s investment goal is to provide
direct exposure to the value of XRP, enabling investors to access
this cryptocurrency’s market through a brokerage account. Through
this method, Canary Capital intends to limit the potential barriers
to accessing the market and reduce the risks involved in acquiring
and holding XRP. Canary Capital has also stated that it aims
to track the performance of XRP in the market, as measured by the
Trust’s Pricing Benchmark. This pricing benchmark will utilize a
similar methodology to the real-time price of the Chicago
Mercantile Exchange (CME) CF Ripple index. While divulging
the objectives and risk factors associated with an XRP ETF, Canary
Capital failed to disclose the identity of the custodian for its
potential XRP ETF. The investment management company also did not
provide details on the ticker to be used for its XRP ETF, however,
revealed that the Trustee for the investment product would be the
Delaware Trust company. Despite the optimism Canary Capital’s
new XRP ETF filing has generated in the crypto community, both its
application and Bitwise’s still require approval from the SEC
before they can launch in the market. Presently, the
likelihood of a swift approval appears low, considering Ripple’s
ongoing legal battle with the regulator. Earlier this month, the US
SEC submitted a new appeal to challenge the court’s July 2023
ruling that programmatic sales of XRP are not considered
securities. XRP Price Falls As Regulatory Uncertainty Clouds
Optimism Despite Canary Capital’s new XRP ETF filing, the price of
XRP has been on a downward trend, showing no signs of moving out of
bearish momentum trends. CoinMarketCap’s data shows that XRP has
fallen by 0.72% in the last 24 hours and another 0.79% over the
past week. Related Reading: Bitcoin Price Fails At MA-200, Is
A Crash To $52,000 Coming? The cryptocurrency has been in the red
for the past few weeks, only seeing slight gains when market
conditions turn significantly favorable. With the new XRP ETF, many
would expect the XRP price to rally, as anticipation for the
investment product builds in the crypto space. However, XRP is
still consolidating around the $0.5 mark, even experiencing a
decrease in its 24-hour trading volume. It is clear that
XRP’s bullish momentum has been completely overshadowed by
regulatory uncertainty and negative sentiment. Despite this, many
in the XRP community continue to maintain a positive outlook,
expecting the price of XRP to break out to the upside soon.
Featured image created with Dall.E, chart from Tradingview.com
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