Highlights
- Franklin Templeton has joined the XRP ETF race with an S-1 filing with the US SEC.
- The asset manager joins Bitwise, Grayscale, Canary Capital, WisdomTree, and 21Shares which have also filed to offer an XRP ETF.
- The XRP price has surged on the back of this announcement.
Franklin Templeton is the latest asset manager to enter the XRP ETF race following its S-1 filing with the US Securities and Exchange Commission (SEC). This continues the flurry of ETF filings that have hit the Commission’s desk since President Donald Trump took office.
Franklin Templeton Files For XRP ETF With US SEC
Asset manager Franklin Templeton has filed an S-1 form with the US SEC to offer an XRP ETF. This comes just weeks after the asset manager filed to offer a Solana ETF. It is worth mentioning that the firm already offers spot Bitcoin and Ethereum ETFs.
Meanwhile, the asset manager also joins the likes of 21Shares, Canary Capital, Grayscale, WisdomTree and Bitwise, which have also filed to offer an XRP ETF. The SEC has already acknowledged 21Shares, Bitwise and Grayscale’s 19b-4 filings which puts them well ahead in the race.
Franklin Templeton will also need to file its 19b-4 form with the US SEC to kickstart the process officially. The Commission acknowledges this and registers it in the Federal Register, after which the deadline for it to approve or reject the application begins to tick.
XRP Price Surges
The XRP price has surged on the back of this XRP ETF filing and is up over 8% in the last 24 hours, marking an impressive recovery for the crypto having dropped briefly below $2 yesterday.
Commenting on the current price action, crypto analyst CasiTrades noted that XRP has held the 0.5 Fibonacci support with precision. The analyst added that the consolidation structure is holding and that selling pressure is exhausted.
She also revealed that the Relative Strength Index (RSI) trendline has also held, keeping the bullish divergence. CasiTrades remarked that XRP needs to hold above $2.04 and $2.11 as they are the bottom trendlines. The analyst added that either one could be the support target and that this is critical to maintaining the consolidation structure.
Meanwhile, according to her, the next resistance is at $2.25 and $2.70, which is the next breakout level. She also assured that the XRP price action remains bullish.
