Spot

U.S.-based asset manager 21Shares has submitted a landmark application for a spot XRP ETF, named the “Core XRP Trust.” If approved, this ETF would offer investors indirect access to XRP, with Coinbase Custody set to securely store the fund’s XRP assets. This move could signify a breakthrough for XRP in regulated markets. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="Spot XRP ETF Filed: Major Move by Asset Manager 21Shares = The Bit Journal" width="728" height="90" title="Spot XRP ETF Filed: Major Move by Asset Manager 21Shares 39"></a> 
<h2 id="a-strategic-step-for-xrp-amid-legal-battles">A Strategic Step for XRP Amid Legal Battles</h2> 
The ETF application from 21Shares has generated significant interest in the crypto community, especially with SEC approval remaining elusive for non-Bitcoin and Ethereum ETFs. XRP’s regulatory journey has been complex, as the SEC’s long-standing legal dispute with Ripple Labs over XRP’s classification continues. A federal judge previously ruled that XRP’s programmatic sales on exchanges should not be considered securities; however, the case is still in the appeals process. Ripple’s recent $125 million penalty in August due to regulatory violations underscores the ongoing regulatory challenges. 
In November 2023, a fake “BlackRock iShares XRP Trust” filing briefly caused a price spike in XRP before it was debunked. This event reflected the high level of interest surrounding XRP ETFs among investors. Now, with 21Shares’ legitimate filing, XRP is once again in the spotlight, with market participants eagerly watching for updates. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-65801" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/the-concept-of-a-new-XRP-ETF-with-digital-finance-elements.-The-scene-includes-an-XRP-coin-prominently-displayed-with-futur.webp" alt="Spot XRP ETF Filed: Major Move by Asset Manager 21Shares = The Bit Journal" width="1792" height="1024" title="Spot XRP ETF Filed: Major Move by Asset Manager 21Shares 40"> 
<h2 id="rising-interest-in-xrp-investment-products">Rising Interest in XRP Investment Products</h2> 
Since early 2024, firms such as VanEck and Canary Capital have applied for spot Solana and Litecoin ETFs, reflecting a broader industry push to expand regulated crypto investment options. Adding XRP as a regulated financial product could open new doors for investors. While interest remains high, the SEC has taken a cautious approach, possibly waiting for the Ripple case’s conclusion to decide on XRP’s ETF eligibility. Analysts also speculate that the 2024 U.S. presidential election outcome could lead to leadership changes at the SEC, potentially impacting future crypto ETF regulations. 
Ripple’s Q3 report highlights key metrics for XRP’s market performance, including a 5.24% decrease in Ripple’s XRP holdings and a drop in escrow reserves to 38.9 billion XRP from approximately 55 billion in 2017. XRP gained 31.07% against Bitcoin but struggled to hold its ground overall. This data, coupled with 21Shares’ new filing, points to a pivotal period for XRP’s regulatory and market positioning. 
<ul> 
 <li><a href="https://twitter.com/Thebitjournal_" target="_blank" rel="noopener nofollow">https://twitter.com/Thebitjournal_</a></li> 
 <li><a href="https://www.linkedin.com/company/the-bit-journal/" target="_blank" rel="noopener nofollow">https://www.linkedin.com/company/the-bit-journal/</a></li> 
 <li><a href="https://t.me/thebitjournal" target="_blank" rel="noopener nofollow">https://t.me/thebitjournal</a></li> 
</ul> 
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about&nbsp;breaking&nbsp;news!

Spot XRP ETF Filed: Major Move by Asset Manager 21Shares

Table of Contents

The Bit Journal

Other articles published on Nov 2, 2024

Ethereum researchers leave EigenLayer amid conflict of interest tensions

SEC Veteran Speaks Out on Ethereum-Based Immutable Wells Notice

Market Dip Alert! Whales Are Eyeing These 6 Altcoins With 5,500% Potential by the Next Bull Run

Will Bitcoin Break Resistance or Slip Further?

Understanding coreBTC and LstBTC: Bitcoin in Core’s DeFi Ecosystem

Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid D...

Join our free newsletter for daily crypto updates!