Franklin Templeton has officially filed Form S-1 with the U.S. Securities and Exchange Commission (SEC) for the launch of a spot XRP ETF. This follows the registration of Franklin XRP Trust in the state of Delaware.
The firm joins the growing race to launch the first XRP ETF, competing with Bitwise, 21Shares, Canary Capital, Grayscale, and WisdomTree. The proposed fund will be listed on the CBOE BZX exchange, with Coinbase Custody serving as the custodian. Net asset value (NAV) calculations will be based on the CME CF XRP-Dollar Reference Rate.
SEC Delays on Crypto Fund Applications
Meanwhile, the SEC continues to review multiple spot crypto ETF applications after previously approving Bitcoin and Ethereum ETFs. However, the review process for new applications remains slow. The agency has been evaluating several XRP ETF filings since Grayscale's submission on February 14, triggering a 240-day review period.
A recent SEC notice confirmed a delay in the decision on Grayscale’s XRP ETF application, stating that the commission requires more time to evaluate the proposal. The next scheduled decision date is May 22, 2025. This delay also affects applications from Bitwise and Canary Capital.
In addition to XRP, the SEC has postponed decisions on other crypto ETFs, including:
- VanEck Spot Solana ETF
- Canary Spot Litecoin and Solana ETF
- Grayscale Spot XRP ETF
- Grayscale Spot Dogecoin ETF
Now, investors will have to wait until May 2025 to see if these ETFs are approved, rejected, or delayed again.
XRP Price Rises Amid ETF Filing News
Despite regulatory uncertainty and overall market panic, the XRP ETF filing fueled a 4% price surge in the past 24 hours. XRP is currently trading at $2.16.
According to analyst CasiTrades, XRP maintains strong support levels and continues its upward momentum. Key support levels are $2.04, while resistance levels are $2.25 and $2.70.
