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XRP Surges on Franklin Templeton ETF Launch

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Source: CryptoNewsNet Original Title: XRP Jumps as Franklin Templeton Debuts Latest Crypto ETF Original Link: XRP experienced a significant surge, rising 9% over the past 24 hours following the official launch of a new exchange-traded fund tracking the asset’s price.

At the time of writing, XRP was trading at $2.24, up 5.2% over the past week, reversing recent declines according to crypto price aggregator CoinGecko. However, XRP remains down more than 13% over the past month.

The Franklin XRP ETF (XRPZ) listed on the New York Stock Exchange Arca on Monday, rising 8.7% from its starting price of $22.60 according to Yahoo Finance.

On Monday, XRP and other major digital assets recaptured ground lost over the past six weeks as crypto markets showed recovery signs. Bitcoin was recovering from a dip to $82,175—its lowest level since early April—while Ethereum was working its way back from having dipped to a four-month low below $2,700 last week, according to CoinGecko.

Franklin Templeton’s new fund is designed to mirror the performance of XRP as measured by the New York Variant of the CME CF XRP-Dollar Reference Rate.

“XRPZ offers investors a convenient and regulated way to access a digital asset that plays a foundational role in global settlement infrastructure, through the transparency and oversight of an ETF,” David Mann, head of ETF product and capital markets at Franklin Templeton, said in a press release.

It was a notable day for XRP funds. Earlier that morning, Grayscale uplisted its XRP and Dogecoin funds on the same exchange. The new ETFs trade under GXRP and GDOG, respectively.

The uplisting means that the funds already existed but weren’t true spot ETFs. Like the Bitcoin and Ethereum trusts before them, the firm’s altcoin funds were converted into true spot ETFs.

Earlier this month, fund issuer Canary unveiled an XRP ETF. The fund got off to a strong start, beating analysts’ estimates with debut inflows of $17 million in less than 30 minutes and $58 million for the day—the most among any ETF this year.

XRP0.76%
BTC3.45%
ETH2.59%
DOGE1.38%
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