Key Insights:
- XRP price bounces amid continued inflows into spot XRP ETFs.
- 21Shares XRP ETF lowers its management fees from 0.50% to 0.30%.
- Analyst Ali Martinez predicted a $2.75 price target for XRP.
- Options traders target XRP rally following the FOMC Meeting.
XRP price has bounced over the last few hours amid renewed bullish sentiment on XRP ETF. This comes as 21Shares amends its XRP ETF prospectus with the U.S. Securities and Exchange Commission (SEC).
This filing indicates progress toward an imminent launch, as 21Shares XRP ETF has already become auto-effective with an 8A filing last month. Will XRP price rally in the coming days?
21Shares Files with the US SEC to Amend its XRP ETF
21Shares XRP ETF submitted a fifth amendment to its S-1 ahead of potential launch this week, according to a US SEC filing.
The issuer has lowered its management fee from 0.50% to 0.30% in the latest amendment. However, the issuer has not yet announced any fee waiver, despite intense competition.
As The Coin Republic reported earlier, 21Shares XRP ETF became auto-effective last month, but is likely awaiting a CERT filing.
It will provide investors a regulated exposure to XRP, tracking spot XRP prices from the CME CF XRP-Dollar Reference Rate pricing benchmark.
21Shares XRP ETF will list and trade on CBOE BZX Exchange under the ticker TOXR. The issuer has selected Coinbase Custody, Anchorage Digital Bank, and BitGo Trust as custodians.
Also, BNY Mellon will serve as the cash custodian, administrator, and transfer agent of the trust. Whereas, Foreside Global Services is the marketing agent.
XRP Price Holds Strong amid Spot XRP ETF Inflows Streak
Bull resists XRP price fall amid positive sentiment due to continuous inflows into spot XRP ETFs. At the time of writing, the total AUM of spot XRP ETFs reached $923 million after 16 consecutive days of inflows.
On Monday, XRP ETFs recorded $38 million in net inflows. Franklin Templeton’s XRPZ led with $31.70 million in inflows across Bitiwise, Grayscale, and Canary’s XRPC.
Notably, spot XRP ETF outperforms other ETFs. Net inflow in Bitcoin ETFs was negative $60 million. Ethereum ETFs saw $35.49 million inflows.
Solana ETFs saw a minor $1.18 million in net inflows. The community speculative whether inflows into XRP would continues as it follows Solana’s inflows pattern.
21Shares XRP ETF launch would further boost AuM as it becomes accessible to U.S. investors. The inflows streak underscores sustained investor confidence in XRP price rally.
Will XRP Price Recover to Hit $2.75?
At the time of writing, XRP price jumped more than 1% in a few hours as it moved mostly sideways over the past 24 hours.
The 24-hour low and high are $2.05 and $2.11, respectively. Trading volume has dropped by 24% over the last 24 hours ahead of the Fed rate decision.
Recently, crypto analyst Ali Martinez shared a $2.75 price target for XRP. He predicted a 16% upside after breaking out of a symmetrical triangle on the hourly chart.
Futures markets showed buying activity in the last few hours, as per CoinGlass data. At press time, the total XRP futures open interest climbed nearly 1.50% to $3.66 billion in the last hour.
The 4-hour XRP futures open interest has climbed 0.86%. Also, it jumped 0.94% on CME and 1% on Binance.
Activity in the derivatives market indicates a potential rebound in XRP price. Notably, options traders expect upside momentum following the FOMC Meeting.
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