XRP Price Surges 9% as Franklin Templeton Files for XRP ETF

input:output: title: Franklin Templeton Joins the XRP ETF Race

The price of XRP, the native cryptocurrency of global payment company Ripple, shot up +9% during Tuesday’s market session to trade at $2.2.

This uptick followed a broader market relief rally as trade tension eased between the United States and Canada.

Amid the renewed demand pressure, the Ripple crypto price shows higher potential for a rebound as another prominent asset management seeks its launch spot XRP ETF.

Franklin Templeton Joins the XRP ETF Race

According to multiple reports on Tuesday, Franklin Templeton has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking XRP.

This move positions Franklin Templeton among the growing list of asset managers seeking to launch the first XRP ETF, following applications from Bitwise, 21Shares, Canary Capital, Grayscale, and WisdomTree.

The proposed Franklin XRP Trust will list and trade on the CBOE BZX Exchange, offering investors in the U.S. a structured and regulated way to invest in XRP.

The ETF will be structured to offer shares at net asset value (NAV), with only authorized participants having the ability to create or redeem shares. Pricing will be determined using the CME CF XRP-Dollar Reference Rate, ensuring transparency in valuation.

If approved, this ETF will boost XRP adoption and provide institutional investors with a structured and regulated way to gain exposure to this asset.

Multiple Support Sets XRP Price For 25% Rebound

An analysis of XRP’s daily chart shows its prevailing correction has shifted sideways above the horizontal support of $2.

The aforementioned support is coinciding closely with the 200-day EMA slope and 50% retracement level, which together indicate a strong accumulation zone for buyers.

During Tuesday’s U.S. trading session, the XRP price jumped +9% to trade at $2.2, while its market cap surged to $127.5 Billion. This uptick triggers a higher low formation in the momentum indicator RSI, reflecting the surge in demand pressure at this bottom.

The bullish reversal could push the asset 24% up to challenge a downsloping resistance trendline near $2.75. A potential breakout from this resistance will signal the continuing recovery trend.

On the contrary, if a broader market correction forces a breakdown below the $2.0 floor, the bullish thesis will get invalidated.