XRP surges 10% after Franklin Templeton and Grayscale launch new ETFs
XRP jumped nearly 10% after the launch of Franklin Templeton and Grayscale ETFs
On Monday, the Franklin XRP ETF launched on NYSE Arca under the ticker XRPZ, giving investors regulated access to the cryptocurrency. Trading began simultaneously with the debut of the Grayscale XRP Trust (GXRP) and followed similar launches from Bitwise Asset Management and Canary Capital.
Hourly price chart of XRP. Source: TradingView
The collective rollout of XRP-linked investment products triggered a price rally. During the day, XRP rose by 9.5%, trading around $2.24 at the time of writing, with an intraday high above $2.28.
“XRPZ offers investors a convenient and regulated way to access a digital asset that plays a foundational role in global settlement infrastructure, thanks to the transparency and oversight of an ETF,” said David Mann, Head of ETF Products and Capital Markets at Franklin Templeton.
Trading and price surge amid rising excitement
According to Cointelegraph, inflow data for the Franklin Templeton XRP ETF for its first full trading day was not yet available, but NYSE Arca recorded 768,692 share trades at the time of publication.
Bitwise CEO Hunter Horsley stated Monday that the asset manager received about $118 million into its XRP ETF last week.
Meanwhile, CoinMarketCap data shows that on November 24, XRP trading volume increased by 63%, exceeding $6.3 billion.
To begin trading XRP on NYSE Arca, Franklin Templeton required approval from the U.S. Securities and Exchange Commission (SEC). The ETF launch comes nearly five years after the SEC filed a lawsuit against Ripple and its leadership. The U.S. regulator eventually dropped the case in March under the new administration, officially closing it in August through a $125 million settlement.
As we wrote, Why is XRP up today (November 24)?
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