XRP ETF Progress: Grayscale Files Second Amendment Ahead of SEC Approval
Grayscale has filed Amendment No. 2 to its XRP Trust, signaling a major step towards launching an XRP Exchange Traded Fund (ETF). The filing details management, operational plans, and fund structure, with plans to trade on NYSE Arca under ticker symbol GXRP. Canary Capital and Bitwise have also amended their applications, targeting mid-November launches. Analysts see these developments as a major regulatory shift, with approval odds estimated at 95%. Predictions suggest significant price increases for XRP, with targets reaching up to $36.7. Currently, XRP trades at $2.26 with surged trading volumes.
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Grayscale's XRP Trust Amendment
Grayscale has officially filed Amendment No. 2 to its XRP Trust, marking a significant step towards its XRP Exchange Traded Fund (ETF) launch. This filing follows an earlier report that Canary Capital has also amended its application, targeting a launch date of November 13. Grayscale Investment's move reflects the growing expectations of an XRP ETF launch within this month.
Details on the XRP Trust Structure
According to the update submitted to the US Securities and Exchange Commission (SEC) on November 3, the amendment outlines the fund's management, operational plans, and structure. The filing reveals that the trust will be organized under Delaware law and may trade on NYSE Arca using the ticker symbol GXRP. It will function as an investment vehicle with no intention to outperform the overall market performance of XRP.
Service Providers and Launch Projections
The Bank of New York Mellon will serve as the transfer agent and administrator, with Coinbase Custody acting as the custodian. Industry expert Nate Geraci, president of the ETF Store, has projected that the first spot XRP ETFs could be launched within the next two weeks. He remarked: “The launch of spot XRP ETFs represents the final nail in the coffin of previous anti-crypto regulators. We’ve come a LONG way.”
Canary Capital and Bitwise Updates
Similar regulatory activity has been observed with Canary Capital, which amended its own application, targeting a launch date of November 13. Canary used similar strategies for its Litecoin and HBAR ETF applications, both of which were approved. Moreover, Bitwise updated its own filing to include a management fee of 0.34%, while also aiming to list on NYSE Arca.
XRP ETF Approval Odds and Market Impact
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate that the odds of XRP ETF approval now stand at 95%. This follows predictions made on the Polymarket platform in September, where $177,000 was wagered on the likelihood of approval this year. Analysts like Dark Defender predict that XRP's price could surge to $36.7, citing historical patterns and Elliott Wave Theory. Another analyst forecasts the potential for XRP to hit $14 this cycle.
Current XRP Price and Market Activity
As of now, XRP is trading at $2.26, reflecting a 5% decline over the past 24 hours. However, its trading volume surged by 100%, with $7.6 billion being exchanged. Markets are reacting dynamically to developments surrounding the anticipated spot XRP ETFs and wider crypto sector shifts.
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