- Franklin Templeton and Grayscale launched spot XRP ETFs on the New York Stock Exchange (NYSE) this Monday.
- The Franklin Templeton XRP ETF (XRPZ) led initial trading with $6.5 million in volume and an 8.7% price increase.
- The Grayscale XRP ETF (GXRP) uplisted its fund to NYSE Arca, providing regulated spot exposure alongside a Dogecoin fund.
- XRP’s price rose about 9% in 24 hours, reaching approximately $2.24 amid the ETF launches.
- These spot XRP ETFs provide investors with regulated, transparent access to XRP without requiring direct wallet management or crypto exchange use.
This Monday, Franklin Templeton and Grayscale introduced spot XRP Exchange-Traded Funds (ETFs) on the New York Stock Exchange Arca platform. The Franklin Templeton XRP ETF, trading under the ticker XRPZ, and Grayscale’s XRP ETF, listed as GXRP, went live simultaneously with a 9% surge in XRP’s price.
In the first 90 minutes of trading, the Franklin Templeton XRP ETF dominated activity by trading 283,102 shares valued near $6.5 million. The ETF’s price increased 8.7% from its opening price of $22.60. David Mann, Head of ETF Product and Capital Markets at Franklin Templeton, stated, “XRPZ offers investors a convenient and regulated way to access a digital asset that plays a foundational role in global settlement infrastructure, through the transparency and oversight of an ETF.” Additionally, Roger Bayston, Head of Digital Assets, mentioned that XRP acts as a critical building block in a diversified digital portfolio and highlighted the ETF’s regulated custody and liquidity benefits.
Meanwhile, Grayscale uplisted its existing XRP fund as GXRP on NYSE Arca alongside a Dogecoin fund (GDOG), converting them into spot ETFs. This process mirrors their earlier transformations of Bitcoin and Ethereum trusts into regulated spot products. Krista Lynch, Senior Vice President of ETF Capital Markets at Grayscale, noted, “GXRP’s debut on NYSE Arca is another meaningful step in broadening access to the growing XRP ecosystem. GXRP is designed to offer efficient tracking and straightforward exposure to XRP for investors.”
XRP’s price action accompanied these ETF launches by climbing approximately 9% in 24 hours to about $2.24, partially reversing recent declines. Over the past week, XRP gained about 5.2%, though it remains down approximately 13% over the last month. In comparison, Bitcoin recently dropped to $82,175, its lowest since early April, while Ethereum fell below $2,700 last week.
These newly launched spot XRP ETFs offer investors regulated and transparent mechanisms to gain XRP exposure without directly holding the token or managing wallets, potentially boosting liquidity and market stability within the NYSE Crypto ETF space.
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