21Shares Ripple ETF postponed amid market turmoil, but launch is still on track. XRP’s price crumbles below $2.
The crypto markets have kicked December off with a big bang on the wrong side, tumbling below $3 trillion after a two-week rebound. With Ripple’s XRP Spot price-tracking exchange-traded fund (ETFs) live since mid November, XRP holders are relying on the institutional demand to overshadow the uncertain market conditions.
How Market Thunderstorm Shuffled Ripple’s ETF Cards
Within the first 15 minutes today, all Ripple-based ETFs scored nearly $10 million, signaling driving up institutional demand. However, Kenny Nguyen, a popular market observer, has spotted an oddity in the XRP ETF line-up. Despite the suggested debut day, 21Shares ETF is yet to take off – it’s not listed as an active item on the stock markets.
Naturally, this has fueled discussions on X, with other crypto market watchers soon admitting that the 21Shares ETF is postponed. On the other hand, the delay isn’t expected to be significant – crypto aficionados still expect the highly-anticipated 21Shares Ripple ETF to debut this week with the ticker symbol TOXR.
Smaller Ripple ETFs Gains, But XRP’s Price Is Down Bad
Right now, Franklin Templeton is leading the XRP ETF game, having garnered $3.31 million inflows on Friday. Canary Capital & Bitwise pulled in $2.5 million together, pushing cumulative inflows beyond $500 million combined since the mid November kick-off.
This is supposed to launch on Cboe BZX, following the SEC-approved 8-A form with a 0.50% management fee. This matches Canary’s figures, while Grayscale & Bitwise offer 0.34% – 0.35%. Presently, Franklin Templeton stands out, offering way cheaper management fees currently at 0.19%, according to SoSo Value.
Amidst the 21Shares ETF delay, Ripple’s native XRP coin tumbled beyond 10% today to trade at $1.98 at the time of publication. As Bitcoin (BTC) is retesting $83K, the all-around crypto market thunderstorm erased the Fed rate-cut rally without blinking twice, pushing the general sentiment back to ‘extreme fear’ status.
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