"Franklin Templeton XRP Spot ETF 'XRPZ' Listing Imminent…Rising Expectations of a Rebound"
Summary
- Franklin Templeton's XRP spot ETF 'XRPZ' is reported to be heading for a listing on the New York Stock Exchange.
- The ETF's first-day trading volume could reach about 15 million to 50 million XRP, and there is potential for long-term capital inflows and increased institutional allocation.
- Recent net inflows into XRP-based ETFs from Bitwise and Canary Capital indicate accelerating competition in the related market.
Franklin Templeton's XRP spot exchange-traded fund (ETF) launch is reported to be imminent, raising short-term expectations of a rebound.
On the 24th (local time), according to crypto-focused media CoinPedia, Franklin Templeton plans to list an XRP spot ETF on the New York Stock Exchange (NYSE) under the ticker 'XRPZ'.
Crypto analyst Chad Steingraver projected that XRPZ's first-day trading volume could be "around 15 million to 50 million XRP." He analyzed that "Franklin Templeton ETFs typically show long-term capital inflow patterns" and that "institutional allocations could gradually expand." The fee for this product is 0.19%, and it will be waived for the initial US$5 billion tranche through mid-next year.
Competition in the XRP-based ETF market is also accelerating. Spot ETFs from Bitwise and Canary Capital have recorded net inflows of about US$422 million since mid-month. Over the past week, US$179.6 million flowed in, while Bitcoin and Ethereum ETFs saw net outflows of more than US$1.7 billion over the same period.
On the day, XRP was trading at US$2.04 on Binance, down 0.37% in the past 24 hours.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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