Franklin Templeton Jumps Into the XRP ETF Race, Growing the Applicants List to 17

The race for an XRP ETF is becoming a hotly-contested prize and a major player just joined the fray. Franklin Templeton, a TradFi giant

A major player has just entered the hotly-contested race for an XRP ETF. Franklin Templeton, a TradFi giant with over $1.5 trillion under management, has officially filed for the crypto ETF with the SEC, as disclosed by Nate Geraci, president of The ETF Store.

This filing marks the 17th application for the crypto ETF, with other big names like Bitwise, Grayscale, Canary Capital and WisdomTree already in the mix. The Franklin XRP Trust will allow investors to trade the token similar to traditional stocks on the Cboe BZX Exchange.

The ticker symbol for the ETF is yet to be disclosed, and Coinbase Custody Trust Company will serve as the custodian of the fund’s assets. Moreover, the net asset value (NAV) will be calculated daily using CF Benchmarks Index, with real-time updates provided every 15 seconds.

This filing is a significant development for a couple of reasons. Firstly, it marks the first time a traditional finance heavyweight like Franklin Templeton is applying for an altcoin ETF, as previous filings focused on Bitcoin and Ethereum.

Secondly, it highlights the increasing confidence in the altcoin, despite the SEC’s ongoing scrutiny. The regulator has been slow to approve any XRP ETF, and recently extended the review to May 21. But with FT joining the applicants list, analysts are giving this one a 65% chance of getting the green light in 2025.

XRP Price Dynamics Post ETF Approval

While the approval of Bitcoin and Ethereum ETFs triggered massive inflows of $107 billion for Bitcoin and $9.8 billion for Ethereum during their first 6 to 12 months on the market, JPMorgan analysts believe XRP might see a more modest $4.3 to $8.4 billion.

The bank's analysts are suggesting that there's "limited demand" for altcoin ETFs compared to the big two in their first year. However, Franklin Templeton's entry might change that.