The price of XRP experienced a significant jump, climbing 5% in a single hour to $2.32. This surge followed a crucial amendment filing by 21Shares for its proposed spot XRP Exchange-Traded Fund (ETF). The submission initiates a 20-day review period by the U.S. Securities and Exchange Commission (SEC), potentially leading to the fund's automatic approval by late November.
Key Takeaways
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21Shares filed an Amendment No. 3 to Form S-1, triggering a 20-day SEC review period.
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The XRP price rose nearly 5% within an hour following the news.
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If the SEC does not intervene, the ETF could be automatically cleared for trading around November 27.
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Other institutions like Franklin Templeton and Grayscale have also made recent adjustments to their XRP ETF filings.
SEC Review Period Initiated
The filing, submitted under Section 8(a) of the Securities Act of 1933, means that if the SEC remains silent within the 20-day window, the ETF could automatically become effective. ETF analyst Eric Balchunas confirmed the development on X (formerly Twitter). Market expert Scott Melker noted that the potential go-live date, if the SEC takes no action, is around November 27.
Community members have reacted with optimism, with some predicting a significant upward price movement, referred to as a "god candle," within the next month. This sentiment is reminiscent of the euphoria seen in July 2023, when a partial ruling in favor of Ripple by Judge Analisa Torres led to substantial gains for XRP.
Institutional Coordination and November Timeline
The 21Shares filing comes shortly after similar strategic moves by Franklin Templeton and Grayscale Investments. Franklin Templeton revised its S-1 registration statement, removing regulatory language that could have delayed approval and utilizing the same 8(a) clause to potentially fast-track the ETF's effectiveness. Analysts interpret these changes as readiness for a November launch.
Grayscale has also filed its second amendment for its proposed XRP Trust conversion, designating key personnel, which is a typical preparatory step before a launch. Adding to the momentum, Canary Capital is targeting a November 13 debut for its own XRP ETF, pending Nasdaq's final approval.
The potential launch of one or more XRP ETFs this month would be a landmark event, marking the first time XRP is available in the spot ETF market alongside Bitcoin and Ethereum. Such a development could significantly alter institutional investment strategies and liquidity for XRP.
Sources
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