21Shares Files for XRP Spot ETF with SEC

On November 8th, Bloomberg’s Eric Balchunas reported that 21Shares filed a Form 8-A with the SEC to launch an XRP spot ETF, pending a 20-day review.

The filing highlights 21Shares’ push into the U.S. market, potentially influencing XRP’s institutional adoption and creating anticipation for regulatory decisions impacting the broader cryptocurrency landscape.

21Shares’ Bold Move: SEC Filing Highlights XRP Prospect

21Shares has filed a new Form 8-A with the SEC, aiming to launch an XRP spot ETF in the U.S. The filing on November 8 initiates a 20-day review period. This marks another step for 21Shares, a firm led by co-founders Hany Rashwan and Ophelia Snyder, in expanding its market presence.

The launch of an XRP spot ETF could transform the landscape for XRP, a cryptocurrency with notable market capital. The approval is expected to potentially boost institutional flows to XRP, making it more accessible to traditional investors.

“21Shares has filed a new Form 8-A with the SEC for its proposed XRP spot ETF, triggering a 20-day review period.” – Eric Balchunas, ETF Analyst, Bloomberg

Ripple Effect: XRP Market Metrics and Approval Implications

Did you know? A similar SEC review process for Bitcoin ETFs has historically led to temporary spikes in related tokens’ trading volumes and price.

XRP trades at $2.33, with a market cap of $139.88 billion, and a 24-hour trading volume of $5.97 billion, reflecting a 7.59% increase. Price decreases over 30 to 90 days are noted, while a 5.06% rise occurred within the last 24 hours, as per CoinMarketCap.

The Coincu research team suggests that the potential approval of 21Shares’ XRP ETF could lead to increased financial accessibility and potentially formalize XRP’s standing among institutional investors. This move might precede broader regulatory adaptations if successful.