{"id":647279,"date":"2024-10-10T20:00:19","date_gmt":"2024-10-10T20:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=647279"},"modified":"2024-10-10T14:16:00","modified_gmt":"2024-10-10T14:16:00","slug":"second-xrp-etf-filing-xrp-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/xrp\/second-xrp-etf-filing-xrp-price\/","title":{"rendered":"Second XRP ETF Filing Hits The Market, How Did The XRP Price Respond?"},"content":{"rendered":"

The crypto ETF market is expanding at an alarming rate, with news of a second<\/span> XRP Exchange Traded Fund (ETF)<\/span><\/a> filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwise\u2019s lead. With the new ETF filing, the <\/span>price of XRP could see a possible change<\/span><\/a> in the future.\u00a0<\/span><\/p>\n

Canary Capital Files New XRP ETF<\/h2>\n

On Tuesday, October 8, Canary Capital<\/span> submitted<\/span><\/a> an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after<\/span> Bitwise<\/span><\/a>, another top asset management company filed for an ETF on September 30, marking the<\/span> first ever XRP<\/span><\/a>–<\/span>based ETF<\/span><\/a> in the crypto market.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Vs. Bitcoin: Gauging The Performances Of Two Crypto Giants This Cycle<\/a><\/div>\n

According to<\/span> Canary Capital\u2019s new filing<\/span><\/a>, the Trust\u2019s investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrency\u2019s market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP.\u00a0<\/span><\/p>\n

Canary Capital has also stated that it aims to track the<\/span> performance of XRP in the market<\/span><\/a>, as measured by the Trust\u2019s Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index.\u00a0<\/span><\/p>\n

While divulging the objectives and risk factors associated with an<\/span> XRP ETF<\/span><\/a>, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the<\/span> Delaware Trust company<\/span><\/a>.\u00a0<\/span><\/p>\n

Despite the<\/span> optimism<\/span><\/a> Canary Capital\u2019s new XRP ETF filing has generated in the crypto community, both its application and Bitwise\u2019s still require approval from the SEC before they can launch in the market.\u00a0<\/span><\/p>\n

Presently, the likelihood of a swift approval appears low, considering<\/span> Ripple\u2019s ongoing legal<\/span><\/a> battle with the regulator. Earlier this month, the US SEC submitted a<\/span> new appeal<\/span><\/a> to challenge the court\u2019s July 2023 ruling that programmatic sales of XRP are not considered securities.\u00a0<\/span><\/p>\n

XRP Price Falls As Regulatory Uncertainty Clouds Optimism<\/h2>\n

Despite Canary Capital’s new XRP ETF filing, the price of<\/span> XRP has been on a downward trend<\/span><\/a>, showing no signs of moving out of bearish momentum trends. CoinMarketCap\u2019s data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Price Fails At MA-200, Is A Crash To $52,000 Coming?<\/a><\/div>\n

The<\/span> cryptocurrency has been in the red<\/span><\/a> for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the<\/span> XRP price to rally<\/span><\/a>, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume.\u00a0<\/span><\/p>\n

It is clear that XRP\u2019s bullish momentum has been completely overshadowed by<\/span> regulatory uncertainty<\/span><\/a> and negative sentiment. Despite this, many in the XRP community continue to<\/span> maintain<\/span><\/a> a positive outlook, expecting the price of XRP to break out to the upside soon.\u00a0<\/span><\/p>\n

\"XRP
XRP price recovers despite market turmoil | Source: XRPUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The crypto ETF market is expanding at an alarming rate, with news of a second XRP Exchange Traded Fund (ETF) filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwise\u2019s lead. With the new ETF filing, the price of XRP could see a possible change in the future.\u00a0 Canary Capital Files New XRP ETF On Tuesday, October 8, Canary Capital submitted an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP–based ETF in the crypto market.\u00a0 Related Reading: Dogecoin Vs. Bitcoin: Gauging The Performances Of Two Crypto Giants This Cycle According to Canary Capital\u2019s new filing, the Trust\u2019s investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrency\u2019s market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP.\u00a0 Canary Capital has also stated that it aims to track the performance of XRP in the market, as measured by the Trust\u2019s Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index.\u00a0 While divulging the objectives and risk factors associated with an XRP ETF, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the Delaware Trust company.\u00a0 Despite the optimism Canary Capital\u2019s new XRP ETF filing has generated in the crypto community, both its application and Bitwise\u2019s still require approval from the SEC before they can launch in the market.\u00a0 Presently, the likelihood of a swift approval appears low, considering Ripple\u2019s ongoing legal battle with the regulator. Earlier this month, the US SEC submitted a new appeal to challenge the court\u2019s July 2023 ruling that programmatic sales of XRP are not considered securities.\u00a0 XRP Price Falls As Regulatory Uncertainty Clouds Optimism Despite Canary Capital’s new XRP ETF filing, the price of XRP has been on a downward trend, showing no signs of moving out of bearish momentum trends. CoinMarketCap\u2019s data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week.\u00a0 Related Reading: Bitcoin Price Fails At MA-200, Is A Crash To $52,000 Coming? The cryptocurrency has been in the red for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the XRP price to rally, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume.\u00a0 It is clear that XRP\u2019s bullish momentum has been completely overshadowed by regulatory uncertainty and negative sentiment. Despite this, many in the XRP community continue to maintain a positive outlook, expecting the price of XRP to break out to the upside soon.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":560592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83363],"tags":[3680,92145,3799,89194,85513,4531,83637,13172,10972,78763],"class_list":["post-647279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp","tag-ripple","tag-ripple-news-ripple-vs-sec","tag-sec","tag-sec-news","tag-sec-vs-ripple","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nSecond XRP ETF Filing Hits The Market, How Did The XRP Price Respond?<\/title>\n<meta name=\"description\" content=\"The crypto ETF 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