XRP ETF News: FTI US Files Updated S-1, November Launch Expected

FTI US Leads XRP ETF News Race as Bitwise and Canary Update Filings

Is the long wait for an XRP ETF finally over? The latest XRP ETF news shows it may be sooner rather than later. On November 5, James Seyffart tweeted, Franklin Templeton’s FTI US has filed an updated S-1 form for its spot XRP ETF that adds a shortened “8(a)” clause to further show it's ready for an expedited launch. 

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The development may suggest that FTI US wants to launch its exchange traded fund before the end of this month, another big step in crypto's journey into traditional finance. 

Multiple Firms Rush to Update Filings

FTI US isn't alone in this race. Bitwise Investments and Canary Funds have been updating their S-1 filings, showing that a number of companies are now preparing for launch. These updates are important because they remove the "delaying amendment" - a rule that lets the SEC decide when a fund can go live. Without it, an ETF can automatically become effective after twenty days if there are no objections.

This would provide a rapid way for the issuers to get their XRP ETFs to market and thus give investors a regulated, safer way of getting exposure to the altcoin through normal trading accounts.

SEC Delays Continue to Frustrate the Market

Yet, even with progress being made, frustration with the SEC mounts. The agency's sluggish pace of approvals for crypto ETFs has been a source of growing frustration among investors and fund managers. To many, the outdated process from the SEC not only holds back innovation but wastes time and taxpayer money.

Companies like FTI US, Bitwise, and Canary have all made the necessary filings and revisions but continue to be in limbo. According to critics, while the private sector is ready to march forward, regulators are mired in red tape, keeping investors at a disadvantage and preventing access to some of the most promising new financial products.

Price Reaction and Technical Outlook

Despite all the noise, XRP price has seen some pressure lately. It lost 1.87% over the last 24 hours, trading around $2.23 and following the generally weak market trend. The updated ETF filings news didn't seem to boost prices much, with traders clearly awaiting actual approval, not more paperwork.

Source: CoinMarketCap

From a technical point of view, it has breached several critical support levels, including its 7-day and 30-day moving averages. The next solid support is at about $2.10, but if the sell-offs continue, it could sink further toward $1.85. The RSI indicates that the market is oversold, and when investor sentiment improves, this may lead to a short-term rebound.

What Comes Next

Next key date to watch: mid-November. That's when the SEC could respond to these updated filings. If FTI US or Bitwise gets the green light, we might finally see the first U.S. spot XRP ETF go live.

Such approval could pave the way for institutional investors and, subsequently, firmer demand for the cryptocurrency. Analysts believe that a successful launch can help the altcoin recover toward the $3 mark, while further delays might keep prices near $2 for now. 

Final Thoughts

The race to launch an XRP ETF is really heating up fast. FTI US, Bitwise, and Canary Funds each made their final adjustments in the hope that their products will hit the market soon. Whether that happens in November or later, one thing is certain: investor interest in regulated crypto products like the XRP ETF is stronger than ever. 

The next SEC update will probably decide whether this is a big month for the altcoin or another round of wait-and-see.