CMC News

$XRP Price Climbs as First U.S. Spot #ETF Sees Strong Demand

XRP surged over 2% following the debut of America's first spot exchange-traded fund tracking the third-largest cryptocurrency. The Rex-Osprey $XRP ETF attracted nearly $25 million in trading volume within its first 90 minutes of operation.

Bloomberg analyst Eric Balchunas expressed surprise at the robust initial performance. The trading volume exceeded expectations by five times compared to $XRP futures ETFs on their launch days.

The $XRP token currently trades at $3.11, positioning itself approximately 15% below its July all-time high of $3.65. Market participants are closely monitoring resistance levels as institutional demand demonstrates strength through the ETF vehicle.

Rex Shares and Osprey Funds structured their product under the Investment Company Act of 1940, utilizing a Cayman Islands subsidiary approach. This differs from traditional spot #ETFs that hold underlying assets directly through Securities Act registration.

Multiple firms, including Bitwise, Canary Capital, and WisdomTree, have pending $XRP ETF applications awaiting SEC approval. These applications follow the conventional Securities Act pathway and face decision deadlines between Oct. 18-25.

The SEC recently approved generic listing standards for commodity-based trusts, potentially accelerating future crypto ETF approvals. This regulatory development creates streamlined pathways for qualifying products without individual Commission orders. #SEC #regulation

$XRP benefits from recent legal clarity following the conclusion of Ripple's lawsuit with regulators. The court confirmed that programmatic sales of $XRP do not constitute securities transactions, removing regulatory uncertainty for ETF issuers.

Analysts project strong #institutional interest based on early trading patterns. Myriad platform users show 60% confidence in $XRP reaching $4, representing a new all-time high above current resistance levels.