Grayscale files Second Amendment filing prior to SEC approval

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Grayscale has officially filed Amendment No. 2 for the XRP Trust, taking an important step towards the launch of the XRP Exchange Traded Fund (ETF).
This follows earlier reports that Canary Capital had also amended its filing, targeting a November 13 launch date.

Amid growing expectations that an XRP exchange-traded fund (ETF) will be launched this month, Grayscale Investments has formally filed an amendment to its registration statement for the Grayscale XRP Trust. The latest information, filed Nov. 3 with the U.S. Securities and Exchange Commission (SEC), details the fund's management, operating plan and structure.

More information about XRP Trust Modification

The updated filing reportedly reveals that the fund is organized under Delaware law and can be traded on the NYSE Arca under the ticker symbol GXRP. According to the filing, the trust exists as an investment vehicle and has no plans to outperform the market performance of XRP.

Bank of New York Mellon will act as the transfer agent and administrator, and Coinbase Custody will act as the custodian. Following this development, ETF Store president Nate Geraci suggested that the first spot XRP ETFs could hit the market within two weeks.

We expect the first spot xrp ETF to launch sometime within the next two weeks…The SEC has had open litigation against Ripple for the past five years, up until three months ago. IMO, the launch of the Spot XRP ETF represents the final nail in the coffin of previous anti-crypto regulators. We have come a *long* way.

Canary Capital has also already amended its application with a planned launch date of November 13th. The company reportedly adopted a similar strategy for its Litecoin and HBAR ETF applications, which were approved. As highlighted in the previous discussion, the Fund is expected to trade in increments of 10,000 shares.

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Similarly, Bitwise also updated its filing to collect a 0.34% management fee. The company also plans to list on NYSE Arca.

Interestingly, Geraci believes the approval of spot XRP ETFs represents significant regulatory change and institutional progress.

The launch of the Spot XRP ETF represents the final nail in the coffin of previous anti-crypto regulators. we have come a long way.

As indicated in a previous news article, Bloomberg ETF analysts James Seifert and Eric Balchunas believe the probability of XRP ETF approval is currently 95%. In September, $177,000 was said to have been bet on the chances of approval this year on prediction platform Polymarket.

Commenting on the price impact, analyst Dark Defender predicted that XRP could reach $36.7. His predictions are primarily based on repeating historical technical patterns and the long-term outlook of Elliott Wave theory and Fibonacci extensions. This is consistent with our recent analysis, which predicts a rebound to $3.65-$3.82 before an explosive rally. Interestingly, another analyst predicts that XRP could reach $14 this cycle.

At the time of writing, XRP was trading at $2.26, but has since fallen. 5% within the last 24 hours. The trading volume of XRP has also increased rapidly. 100% $7.6 billion changed hands.