XRP Jumps as Franklin Templeton Debuts Latest Crypto ETF

In brief

The Franklin XRP ETF listed on the New York Stock Exchange Arca on Monday and rose 8.7% in its debut.
A Canary Capital XRP fund listed earlier this month to huge opening-day inflows.
XRP’s price rallied on Monday but is down more than 13% over the past month.

XRP was recently up 9% over the past 24 hours as Franklin Templeton officially added to the growing list of exchange-traded fund tracking the asset’s price.

At the time of writing, XRP was trading for $2.24 and was up 5.2% over the past week, reversing recent declines, according to crypto price aggregator CoinGecko. XRP is down more than 13% over the past month.

The Franklin XRP ETF (XRPZ) listed on the New York Stock Exchange Arca on Monday. It rose 8.7% from its starting price of $22.60, according to Yahoo Finance.

On Monday, XRP and other major digital assets recaptured ground lost over the past six weeks as crypto markets slumped. Bitcoin is still recovering from a dip to $82,175–its lowest level since early April–and Ethereum is working its way back from having dipped to a four-month low below $2,700 last week, according to CoinGecko.

Franklin Templeton’s new fund is meant to mirror the performance of XRP as measured by the New York Variant of the CME CF XRP-Dollar Reference Rate.

“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,” David Mann, head of ETF product and capital markets at Franklin Templeton said in a press release.

It’s been a big day for XRP funds. Just this morning Grayscale uplisted its XRP and Dogecoin funds on the same exchange. The new ETFs will trade under GXRP and GDOG, respectively.

The uplisting means that the funds already existed, but weren’t true spot ETFs. Like the Grayscale Bitcoin Trust and Grayscale Ethereum Trust before them, the firm’s altcoin funds were converted into true spot ETFs.

Earlier this month, fund issuer Canary unveiled an XRP ETF. The fund got off to a hot start, beating analysts’ estimates for its debut inflows of $17 million in less than 30 minutes and $58 million for the day–the most among any ETF this year.