• XRP ETF by 21Shares, approved by the SEC, is set to begin trading on the Cboe BXZ Exchange next week.
• 21Shares XRP ETF tracks spot prices, with custody handled by Coinbase, BitGo, and Anchorage.
• XRP trading volume is up 29%, signaling increased investor interest after multiple ETF approvals.

21Shares, a leading issuer of crypto exchange-traded products, has received automatic approval for its XRP ETF from the US Securities and Exchange Commission (SEC). The ETF, which will trade under the ticker symbol “TOXR,” is set to begin trading on the Cboe BXZ Exchange next week, pending final certification.

This was approved following the filing of Form 8-A by 21Shares with the SEC. This filing enables the company to circumvent the standard review process. 21Shares filed its Form S-1 on November 7, which was accelerated under the provisions of the post-government shutdown guidelines of the SEC. Cboe BZX Exchange has also granted the ETF a listing, and it shall start trading after it is certified.

XRP ETF Management Fees and Custody Details

The management fee of the 21Shares XRP ETF is yet to be revealed. Nevertheless, a number of other companies have already announced their charges. The XRP ETF (XRPZ) of Franklin Templeton has the lowest fee of 0.19%. 

The XRP ETF provided by Bitwise started trading at the NYSE Arca Exchange on November 20. XRP ETFs provided by Grayscale and Franklin Templeton will be released next week.

The main aim of the 21Shares XRP ETF is to provide exposure to XRP by tracking its spot prices. It will be based on the CME CF XRP-Dollar Reference Rate pricing standard. ETF custody will be handled by Coinbase Custody, Anchorage Digital Bank, and BitGo Trust. The cash custodian, administrator, and transfer agent of the trust will be BNY Mellon.

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The first creation basket of 10,000 shares will be sold to 21Shares US LLC, the first seed capital investment. The ETF will offer a more convenient way for the investor to invest in the cryptocurrency; it will make it easier to invest in the XRP.

XRP Price Movement and Market Sentiment After ETF Approvals

At the time of writing, XRP is currently trading at $2.12, with a decline of 1.12% in the past 24 hours. It has lows and highs of $2.03 and $2.15 in the day. The trading volume has risen by 29% due to various XRP ETF approvals, as well as increased interest because of the numerous XRP ETFs, such as the 21Shares XRP ETF.

CoinGlass data shows that the XRP futures open interest declined by 1.45%, to $3.68 billion. The XRP OI-Weighted Funding rate is 0.0072%. These values indicate the reaction of the trader sentiment towards the approval of the ETFs.

Source: CoinGlass

However, despite the declining open interest in the XRP futures, the spike in spot trading volume suggests the ETF hype is triggering a new interest in XRP.

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