News Scrap

Another XRP spot ETF application was filed by a fund manager, hoping to get approval from the American securities regulatory body.

XRP is a popular proof-of-stake (PoS) cryptocurrency that runs on the XRP Ledger (XRPL). Ripple Labs is the team behind this crypto project, using XRP in cross-border payment services under a controlled medium to minimize price impacts.

On 1 Nov 2024, 21Shares Core XRP Trust filed a Spot ETF application with the United States Securities and Exchange Commission (SEC).

21Shares submitted an application for XRP ETF “21Shares Core XRP TRUST” to the U.S. Securities and Exchange Commission (SEC). 21Shares has previously applied for Solana spot ETF. Its Solana staking ETP has exceeded US$1 billion in Europe. https://t.co/GEoBMPUMY0

— Wu Blockchain (@WuBlockchain) November 1, 2024

Earlier, a similar application was filed by the Bitwise fund manager. According to experts, securing approval won’t be easy as the Ripple vs. SEC legal battle has been ongoing since Dec 2020, leaving XRP’s legal status unclear for the SEC.

In 2023, a court ruling deemed XRP a non-security token, but this year the SEC challenged that ruling, claiming XRP has always been an unregistered security token.

Some crypto experts believe decisions on these applications may take at least a year due to ambiguous US laws governing the legal nature of most cryptocurrencies. With a pro-Bitcoin president on the horizon, there is optimism, though new regulations will take time to establish and implement.

XRP Coin Price Action

Following this news, XRP’s trading price showed minimal movement. The current trade price of this cryptocurrency is $0.51, reflecting a 0.8% increase over the last 24-hour period.

It is worth it to note that the trade price of XRP coin is 18.18% down year to date (YTD). In 2023, the trade price of this Cryptocurrency showed significant ups & downs, as the court ruling in the XRP lawsuit was favorable to Ripple firm.