Key takeout
- While Grayscale submitted new submissions for the XRP Trust ETF, six companies submitted S-1 amendments to the Spot XRP ETF.
- Powell’s signal for interest rate cuts in September drove Ethereum to an all-time high, raising XRP by 10% to $3.10.
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Six key asset managers from Bitwise, Canary Capital, Coinshare, Franklin Templeton, 21 shares and WisdomTree filed an S-1 amendment to Spot XRP Exchange Sales Funds with the Securities and Exchange Commission on Friday. Meanwhile, Grayscale has submitted a new S-1 registration statement for its planned Grayscale XRP Trust ETF.
Concurrent submissions represent a wave of coordinated activities as the position of the final SEC approval issuer.
The filing came on the day of a strong market move sparked by comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell’s comments suggested that interest rates could fall at the Fed’s next meeting in September, causing a rally for the entire risky assets.
Ethereum jumped past its November 2021 record, slightly surpassing its new all-time high of over $4,887, jumping 10% on Friday to trade for $3.10.
XRP’s momentum also reflects the advancements in Ripple litigation. Today, the U.S. Court of Appeals for the Second Circuit approved the joint lawsuit and the SEC motion and dismissed the lawsuit.
The long-term legal battle between Ripple Labs and the Securities and Exchange Commission is entering its final stage, as confirmed by defense attorney James Phillan on Friday.
The revision will update the registration statement for funds that directly retain XRP. The token is tied to Ripple’s payment network. The submission does not guarantee imminent approval, but reflects an active dialogue between the publisher and the regulator during the review process.
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