Key Insights
- Franklin XRP ETF goes auto-effective with 8-A filing with the US SEC.
- Franklin Templeton set a management fee of 0.19%, lower than Canary XRP ETF’s fee of 0.50%.
- Analyst predicts XRP price risk falling to $2 amid drop in sentiment.
In a major XRP news today, Franklin XRP ETF has secured automatic approval as the issuer submitted a new filing with the U.S. Securities and Exchange Commission (SEC).
It will join Canary XRP ETF as the crypto community awaits the launch of more this week. The delay in launch had triggered XRP price selloff.
Franklin XRP ETF Prepares for NYSE Arca Listing
According to the SEC filing, asset management firm Franklin Templeton submitted a Form 8-A for its XRP ETF.
This marks the final step before the launch, pending CERT filing for details on the trading date.
The issuer has gained accelerated automatic approval as per the latest post-government shutdown guidance by the US SEC.
It gets auto-effective in 15 days as Franklin Templeton submitted an amended S-1 filing on November 4.
It will get listed under the ticker symbol “XRPZ” on NYSE Arca. It is expected to start trading later this week.
Canary XRP ETF (XRPC) became the first to launch amid massive demand from the crypto community.
It broke the debut inflows and trading volume record of Bitwise Solana Staking ETF and others.
Franklin Set Lower Fees than Canary XRP ETF
Franklin Templeton has set a management fee of 0.19%. This is significantly lower than Canary XRP ETF’s fee of 0.50%.
Franklin XRP ETF has also waived fees until May 31, 2026. The sponsor plans to waive the entire sponsor’s fee on the first $5 billion of the fund’s assets.
It will track the spot price from the CME CF XRP-Dollar Reference Rate. Coinbase Custody is the custodian and BNY Mellon is the cash custodian for the trust.
Notably, BNY Mellon will also serve as the transfer agent and the administrator of the Franklin XRP ETF. Whereas, Franklin Distributors is the marketing agent.
XRP Price Moving Towards $2
Despite the major XRP news, price fell more than 2% in the past 24 hours, currently trading at $2.13. The 24-hour low and high are $2.13 and $2.24, respectively.
Furthermore, trading volume has dropped 37% over the last 24 hours, indicating a decline in interest among traders.
In the daily timeframe, the price is below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Crypto analyst Ali Martinez predicted a likely fall in XRP price to $2 as sentiment dropped to “anxiety” stage.
Derivatives market shows buying sentiment in the last few hours, as per CoinGlass data. Total XRP futures open interest jumped more than 0.52% to $3.79 billion in the last 4 hours.
