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Following the recent filing announcement, some parties expressed skepticism about the application. They were justified in their concerns, especially after the fraudulent application made on behalf of BlackRock last November. However, the latest news has now clarified that the process is officially underway.
XRP Coin ETF
ETF issuer Bitwise submitted an application for the XRP Coin ETF yesterday. Today, they filed an S-1 Form with the SEC, confirming the official submission. Following the fraudulent filing attributed to BlackRock in November, the XRP Coin price experienced a swift rise before plummeting. We, at COINTURK, affirmed the filing and underscored the likelihood of an XRP Coin ETF submission.
At this stage, the SEC’s deadline for appeals is set for October 7. The submission of the ETF application does not guarantee approval, as seen with recent retractions of applications for SOL Coin following feedback from the SEC. If Bitwise receives approval, it will gain a significant advantage by becoming the holder of the second altcoin ETF after ETH.
How long will this process take? If the application is not withdrawn, the SEC has the right to delay for six months before announcing a final decision. Should an appeal be submitted by October 7, the chances of ETF approval may diminish further.
