- Grayscale has officially filed Amendment No. 2 to its XRP Trust, marking a significant step towards its XRP Exchange Traded Fund (ETF) launch.
- This follows an earlier report that Canary Capital has also amended its application to target a launch date of November 13.
Amidst the growing expectations of an XRP Exchange Traded Fund (ETF) launch this month, Grayscale Investment has officially filed an amendment to the registration statement of the Grayscale XRP Trust. According to the update submitted to the US Securities and Exchange Commission (SEC) on November 3, this update details the management, operational plans, and structure of the fund.
More About The XRP Trust Amendment
The updated filing is reported to disclose that the fund would be under the organization of Delaware law and could be traded on NYSE Arca with the ticker symbol GXRP. According to the filing, the Trust would exist as an investment vehicle with no plans to outperform the market performance of XRP.
The Bank of New York Mellon would act as the transfer agent and administrator while Coinbase Custody operates as the custodian. Following this development, the president of ETF Store, Nate Geraci, has hinted that the first spot XRP ETF could hit the market in two weeks.
Already, Canary Capital has also amended its application as it expects a launch on November 13. According to reports, it used a similar strategy on its Litecoin and HBAR ETF applications, and they got approved. As highlighted in our earlier discussion, the funds are expected to trade in blocks of 10,000 shares.
Similarly, Bitwise has updated its filing to capture a management fee of 0.34%. It also plans to list on the NYSE Arca.
Fascinatingly, Geraci believes that a spot XRP ETF approval would represent a significant regulatory shift and institutional breakthrough.
As indicated in our previous news article, Bloomberg ETF analysts James Seyffart and Eric Balchunas believe that the XRP ETF approval odds are now 95%. In September, $177,000 was said to have been wagered on a potential approval this year on the prediction platform Polymarket.
Commenting on the impact on the price, analyst Dark Defender has predicted that XRP could reach $36.7. His prediction is largely based on the repetition of a historical technical pattern and the long-term outlook of the Elliott Wave Theory, as well as the Fibonacci extensions. This aligns with our recent analysis which expects a rebound to $3.65–$3.82 before the explosive run. Interestingly, another analyst predicts that XRP could hit $14 this cycle.
At the time of writing, XRP was trading at $2.26 after declining by 5% in the last 24 hours. XRP’s trading volume was also surged by 100% with $7.6 billion changing hands.
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Source: https://www.crypto-news-flash.com/xrp-etf-progress-grayscale-files-second-amendment-ahead-of-sec-approval/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-etf-progress-grayscale-files-second-amendment-ahead-of-sec-approval
