XRP News Today: Legal Clarity Clears Path for XRP ETFs as Approval Nears

The U.S. cryptocurrency investment landscape is on the cusp of a major expansion as multiple XRP-focused exchange-traded funds (ETFs) inch toward regulatory clearance, with trading potentially commencing within days. Canary Capital's XRP ETF, structured as a grantor trust holding real XRP tokens, filed Form 8-A with the SEC on November 11, signaling a likely launch as early as November 13, pending Nasdaq certification, according to a Cryptotimes report. This development follows similar filings by Franklin Templeton and 21Shares, reflecting growing institutional confidence in XRP's regulatory viability after a partial court victory for Ripple in 2023, as detailed in another Cryptotimes report.

Canary's XRP ETF, trading under the ticker XRPC, will hold XRP in custody with Gemini Trust and BitGo, while U.S. Bank will manage cash assets. The fund's net asset value will track the CoinDesk XRP CCIX New York Rate, a time-weighted index of major exchange prices, as noted in the Cryptotimes report.

Bloomberg's Eric Balchunas noted the filing "checks the last box" for launch, with trading potentially starting "the day after" Nasdaq approval, mirroring the timeline of Canary's earlier HBAR ETF, according to the Cryptotimes report.

Franklin Templeton's XRPZ ETF, which filed an amended S-1 with "shortened 8(a) language," appears poised for approval within weeks. The fund will hold XRP in Coinbase Trust cold storage, use the CME CF XRP-USD benchmark, and charge a 0.19% fee (waived on the first $5 billion in assets until 2026), as reported in the Cryptotimes report. Analysts like James Seyffart of Bloomberg described the filing as a "final procedural step" for launch this month, according to the Cryptotimes report. Meanwhile, 21Shares' XRP ETF could debut as early as November 27 if the SEC does not object within its 20-business-day review period, as reported in a Coinfomania article.

The regulatory environment has shifted significantly since Ripple's 2023 legal win, which clarified that XRP sold on exchanges is not a security. This has enabled firms to pursue spot XRP ETFs, unlike Bitcoin and Ethereum, which previously faced prolonged SEC scrutiny, as noted in the Cryptotimes report. Franklin Templeton's entry into XRP ETFs underscores its broader crypto strategy, which includes Bitcoin, Ethereum, and tokenized assets. The firm, managing $1.5 trillion in assets, has also filed for Solana and Dogecoin ETFs, with the former awaiting a November decision, according to the Cryptotimes report.

Market participants are closely watching the potential for multiple XRP ETFs to launch simultaneously. Jake Clever, a crypto commentator, speculated that a coordinated rollout could drive XRP's price to $100–$1,000, implying a market capitalization of $6 trillion to $60 trillion, given XRP's 60 billion circulating supply, as reported in a Coinfomania article. However, such a scenario hinges on regulatory alignment, as ETFs typically require distinct custodial, compliance, and exchange approvals.

The XRP ETF race also highlights competitive fee structures. Bitwise and Grayscale revealed 0.34% and 0.35% expense ratios for their XRP ETFs, respectively, following a non-traditional "direct listing" strategy used for their Solana ETFs, which attracted $56 million in first-day trading, as reported in a CoinMarketCap article. This approach bypasses traditional SEC review by leveraging the agency's recent guidance allowing S-1 filings to take effect automatically after 20 days unless challenged, according to the CoinMarketCap article.

With multiple XRP ETFs navigating regulatory pathways, the product could become the first U.S. ETF to offer direct exposure to XRP's price movements through on-chain holdings. If approved, these funds would expand institutional access to XRP's cross-border payment use cases and solidify its place in mainstream finance alongside Bitcoin and Ethereum, as noted in the Cryptotimes report.