21Shares Files for XRP ETF with SEC, Targets U.S. Market

21Shares has applied to the U.S. SEC to launch a spot XRP ETF, initiating a 20-day review period for potential approval, as noted by Bloomberg analyst Eric Balchunas.

The filing signals growing institutional interest in XRP, reflected in a 5% price surge post-announcement, showcasing significant momentum towards mainstream asset validation.

Market Impact: XRP Price Surge and Regulatory Implications

XRP’s reaction included a swift 5% price increase, indicating heightened investor anticipation. Community figures like Scott Melker emphasize the importance of the SEC’s timeline, while others predict notable price movements if approved.

Market Data and Future Implications

Did you know? Previous approvals for Bitcoin and Ethereum ETFs contributed to major upticks in trading volume and asset prices, illustrating the significant market impact new ETF products can have.

CoinMarketCap data shows XRP trading at $2.32, with a market cap of formatNumber (139717157437, 2) and a 24-hour volume change of 10.47%. This reflects a recent 4.11% uptick despite a broader downtrend over the past 90 days. The asset’s circulating supply stands at 60,107,199,237, with its market dominance at 4.02%.

Coincu research suggests the outcome might affect regulatory frameworks and market liquidity, as a favorable SEC decision could signal easier approval for cryptocurrency ETFs. The removal of “delaying amendments” from ETF filings suggests firms anticipate streamlined rollouts during SEC’s reduced activity.