Simply put
- The Franklin XRP ETF debuted on the New York Stock Exchange Arca on Monday, seeing an increase of 8.7%.
- The Canary Capital XRP fund launched earlier this month and attracted significant investments on its first day.
- While XRP’s price surged on Monday, it’s down more than 13% over the past month.
XRP experienced a 9% rise in just 24 hours following the inclusion of Franklin Templeton’s ETF, which tracks asset prices.
Currently, according to CoinGecko, XRP’s price jumped 5.2% in the past week to $2.24, slightly reversing its earlier losses. However, it remains over 13% down from its value a month ago.
The Franklin XRP ETF (XRPZ) was introduced on the New York Stock Exchange Arca, opening at $22.60 and rising by 8.7% since then, as reported by Yahoo Finance.
On the same day, XRP and various other major cryptocurrencies began to recover from a rough six-week period due to market declines. Bitcoin is still on its way back up from a low of $82,175, the lowest level since early April, while Ethereum is also attempting to bounce back from a four-month low below $2,700, according to CoinGecko.
Franklin Templeton’s latest fund seeks to replicate XRP’s performance as per the New York variant of the CME CF XRP Dollar Reference Rate.
“By offering ETF transparency and oversight, XRPZ gives investors a convenient and regulated approach to digital assets that are integral to global payment systems,” stated David Mann, Head of ETF Products and Capital Markets at Franklin Templeton.
Monday marked a significant milestone for the XRP fund, coinciding with Grayscale’s listing of XRP and Dogecoin funds on the same platform. These new ETFs will trade under GXRP and GDOG, respectively.
This uplisting indicates that the fund previously existed but was not structured as a true spot ETF. Similar to Grayscale’s Bitcoin and Ethereum Trusts, this altcoin fund has now been transformed into an authentic spot ETF.
Earlier in the month, Canary announced its XRP ETF, which had a promising debut. An analyst noted it attracted $17 million in investments within 30 minutes of launching and reached a total of $58 million in a single day—marking the highest inflows for any ETF this year.
