{"id":472,"date":"2024-10-10T21:00:15","date_gmt":"2024-10-10T21:00:15","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/2024\/10\/10\/second-xrp-etf-filing-hits-the-market-how-did-the-xrp-price-respond\/"},"modified":"2024-10-10T21:00:15","modified_gmt":"2024-10-10T21:00:15","slug":"second-xrp-etf-filing-hits-the-market-how-did-the-xrp-price-respond","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/second-xrp-etf-filing-hits-the-market-how-did-the-xrp-price-respond\/","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 XRP Exchange Traded Fund (ETF)<\/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 price of XRP could see a possible change<\/a> in the future.\u00a0<\/p>\n

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

On Tuesday, October 8, Canary Capital Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP<\/a>–based ETF<\/a> in the crypto market.\u00a0<\/p>\n

According to Canary Capital\u2019s new filing<\/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<\/p>\n

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<\/p>\n

While divulging the objectives and risk factors associated with an XRP ETF<\/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 Delaware Trust company<\/a>.\u00a0<\/p>\n

Despite the optimism<\/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<\/p>\n

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

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

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<\/p>\n

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<\/p>\n

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

\"XRP<\/p>\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…<\/p>\n","protected":false},"author":1,"featured_media":473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[44,217,218,219,220,40,46,47,48,49],"class_list":["post-472","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"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=472"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/473"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}