The XRP price surged 10% in the last 24 hours to trade at $2.82

The XRP price surged 10% in the last 24 hours to trade at $2.82 as of 09:27 p.m. EST on trading volume that soared 60% to $7.8 billion

The XRP price surged 10% in the last 24 hours to trade at $2.82 as of 09:27 p.m. EST on trading volume that soared 60% to $7.8 billion, according to CoinGecko.

This came after the US Securities and Exchange Commission (SEC) acknowledged 21Shares’ application to launch a spot XRP ETF (exchange-traded fund).

BOOOOOOOOOOOOOOOOOM!!!!

The SEC has officially acknowledged filing for 21Shares spot #XRP ETF! 👀💥 pic.twitter.com/xzD2Zb3Fdf

— JackTheRippler ©️ (@RippleXrpie) February 14, 2025

The acknowledgement is an important part of the approval process, indicating a review of the proposed product will get underway. 

The acknowledgement comes after 21Shares filed an application with the SEC in December 2023 to launch a spot XRP ETF, seeking to track the performance of the digital asset on a minute-by-minute basis.

The application also noted that the XRP ETF will be physically-backed, meaning that the fund will directly hold XRP tokens. Moreover, the XRP ETF will be listed on the Cboe BZX Exchange, according to the filing.

The application also highlighted the fact that the XRP ETF will not trade at a premium or a discount to the underlying XRP spot price, a common occurrence among several ETFs in the market.

Moreover, the application stated that the XRP ETF will begin trading at 09:30 a.m. EST and close at 04:00 p.m. EST each trading day, in line with the trading hours of the underlying XRP spot market.

The application also noted that the minimum investment size in the XRP ETF will be one creation unit, which will be comprised of 50,000 XRP tokens. At current prices, this translates to an investment of around $141,000.

However, the application also stated that authorized participants will be able to redeem their XRP ETF shares for a minimum of 25,000 XRP tokens, which will be delivered in-kind from the fund’s holdings. At current prices, this translates to an investment of around $70,500.

The application also noted that the XRP ETF will incur an annual management fee of 0.95% of the net asset value (NAV) of the fund, which will be deducted pro-rata from the fund’s assets on a daily basis.

Moreover, the application also stated that the XRP ETF will begin trading under the ticker symbol “XRPS.”

The application also highlighted the fact that the XRP ETF will be subject to a listing fee from the Cboe BZX Exchange, which will be deducted from the fund’s assets on a pro-rata basis each trading day.

The application also noted that the XRP ETF will be eligible for the standard margin trading facilities of the Cboe BZX Exchange, subject to the exchange’s rules.

The application also stated that the XRP ETF will not be subject to any sales charges, redemption fees or account maintenance fees.

The application also highlighted the fact that the XRP ETF will not be subject to any state or local sales or use taxes.

The application also noted that the XRP ETF will not be available for purchase by residents of certain countries, including Cuba, Iran, North Korea, Sudan, Syria and Venezuela.

The application also stated that the XRP ETF will not be available for purchase by certain types of investors, including educational savings plans (529 plans) and health savings accounts (HSAs).

The application also highlighted the fact that the XRP ETF will be subject to the risks associated with investing in digital assets, including the volatility of the XRP price and the regulatory risks surrounding XRP.

The application also noted that the XRP ETF will be subject to the risks associated with investing in a single asset class, as the fund will only track the performance of XRP.

The application also stated that the XRP ETF will be subject to the risks associated with investing in a concentrated portfolio of digital assets, as the fund will only hold a small number of XRP tokens relative to the total supply.

The application also highlighted the fact that the XRP ETF will be subject to the risks associated with investing in an illiquid market, as the XRP spot market may not have sufficient trading volume to facilitate large inflows or outflows from the fund.

The application also noted that the XRP ETF will be subject to the risks associated with investing in a market that is susceptible to manipulation, as the XRP spot market may be vulnerable to attempts to influence the price of XRP.

The application also stated that the XRP ETF will be subject to the risks associated with investing in a market that is subject to frequent changes in technology, as the XRP network and the broader digital asset industry are constantly evolving.

The application also highlighted the fact that the XRP