Several big-name investment firms just resubmitted their applications for a spot XRP ETF in the US. This suggests they’re trying hard to get the SEC’s approval.
What’s New in the Applications?
On August 22nd, companies like Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree all updated their applications (called S-1 filings). Experts think this is because the SEC gave them feedback on the original applications. Industry analysts are seeing this as a positive sign, though it was somewhat expected. The changes mainly involve how the ETF will handle buying and selling XRP.
An S-1 filing is basically a summary of what the ETF will be. They need to update it if anything important changes. One change seems to be allowing for trading XRP directly, instead of just cash.
Interestingly, BlackRock – the world’s biggest asset manager – isn’t involved in this. They said earlier in August they weren’t planning an XRP fund.
XRP Price Reaction
XRP’s price dipped below $3 on Friday but quickly bounced back above $3 after the news of the updated ETF applications, plus some other positive news. At the time of writing, it’s around $3.01, up over 5% in the last 24 hours.