21Shares Begins Formal XRP ETF Review Process
On November 7, 21Shares filed an 8(a) registration statement for its proposed XRP fund, according to Bloomberg analyst Eric Balchunas. This filing marks the formal start of a 20-day review window by the U.S. Securities and Exchange Commission (SEC).
If the agency does not act within that time, the registration automatically becomes effective. The ETF can start trading on the Cboe BZX Exchange under the ticker TOXR.
The proposed fund allows investors to gain direct exposure to XRP without holding the cryptocurrency directly. As announced, custody will be handled by Coinbase Custody Trust Company, Anchorage Digital Bank, and BitGo Trust Company.
Also, authorized participants like Macquarie Capital and Jane Street Capital will handle share creation and redemption, in cash or in-kind. This process will help keep trading liquid and stable.
Franklin Templeton and Canary Capital Join the XRP ETF Wave
The 21Shares filing is not an isolated event. Franklin Templeton, another major investment firm, has also amended its S-1 registration for an XRP ETF. The fund has been listed by the Depository Trust & Clearing Corporation (DTCC). This move signals that it could be close to launching on the market.
Meanwhile, Canary Capital has taken a major procedural step by removing the “delaying amendment” from its own XRP ETF filing. This action allows the registration to become automatically effective.
The asset manager says it could pave the way for a launch as early as November 13. The firm hinted at this timeline in a recent X post, sparking anticipation among traders and investors. The move adds to growing optimism around Ripple’s native token as institutional interest continues to grow.
XRP ETF News Boosts Market Optimism
Adding to the momentum, WisdomTree recently filed for a Physical CoinDesk 20 Spot ETF. The proposed fund will track 20 major digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP. XRP makes up about 20% of the portfolio.
This shows that institutional investors are becoming more open to major crypto currencies and gaining confidence in the digital asset market.
The recent wave of XRP ETF filings has renewed excitement in the market. Analyst Cantonese recently predicted that XRP could reach $8 if it holds key technical levels.
At the same time, ETF expert Nate Geraci expects several XRP ETFs to launch soon, possibly boosting the market price of the digital asset. At the time of writing, XRP is trading at $2.29, up by 5.95% in the last 24 hours, according to CoinMarketCap data.
A report from Bayberry Capital adds that XRP is still undervalued, as the market is underestimating its real-world potential.
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Author: coinmaker