For months, Ripple investors have been hoping for XRP spot ETFs to launch in the US. Similar to the already approved Bitcoin and Ethereum ETFs, they could attract billions of dollars and propel the Ripple coin to new heights.
Yesterday, Friday, numerous misinformation surrounding Ripple and XRP circulated on social media. In particular, the approval of a Rex Osprey ETF for trading was announced, without any factual basis.
What is correct: This was the expiration of the U.S. Securities and Exchange Commission’s (SEC) standard 75-day review period for Rex Osprey’s application for approval of a Ripple ETF. However, the commission had postponed a decision.
Neither Osprey Funds nor REX Shares, which are cooperating on the ETF, has published the new ticker symbol on social media. They did so immediately for other SEC-approved ETFs, including the Dogecoin ETF (ticker: DOJE), which is expected to begin trading next week.
According to information from Bloomberg ETF expert Eric Balchunas, the earliest possible launch date for Rex Osprey’s XRP index fund is next Thursday. However, further delays cannot be ruled out.
For all other applicants for XRP Spot ETFs, the deadlines for the SEC’s decision do not expire until October. These include Grayscale, 21Shares, Bitwise, WisdomTree, Franklin Templeton, and CoinShares. BlackRock, on the other hand, currently has no plans to launch a Ripple product.
Unlike its competitors, Rex Osprey ETFs applied for an XRP Spot ETF using a so-called RIC (Registered Investment Company) structure. RICs have the right to purchase derivatives and invest in other ETFs under certain market conditions.
Although they still have to exercise patience, XRP investors remain optimistic. Despite the debunked ETF announcement, the Ripple coin is currently trading at $3.12, representing a 12 percent price increase over the previous week.