Rex-Osprey’s XRP ETF set for September 18 debut after delay

Key Takeaways

The primary U.S. spot XRP ETF launch date has been prolonged once more to the 18th of September. Will XRP clear the $3 overhead hurdle? 

The long-awaited Dogecoin [DOGE] and spot Ripple [XRP] ETFs by REX Osprey have been pushed to the 18th of September. This would be the first spot XRP ETF within the U.S. 

Bloomberg ETF analyst James Seyffart clarified that these ETFs are scheduled to launch subsequent week, not on the twelfth of September. 

He additionally famous that the construction of this specific submitting is completely different from these submitted by issuers like Constancy, Bitwise, and others.

Seyffart said,

“These can be structured as RIC’s (registered funding firms), so not an identical to both $SSK or the present BTC & ETH ETFs on the market available in the market.”

Supply: X

This has been REX Osprey’s playbook to get to the market sooner than rivals who undergo the lengthy route beneath the 19b-4 technique of the Securities Act of 1930 (30-Act). 

Sadly, the construction comes with tax inconveniences, which pressured the agency to transform its Solana [SOL] ETF to a RIC, to successfully compete with incoming ETFs. 

XRP ETF expectations

Seyffart added that the product can be a spot ETF, however may embrace different ETFs and derivatives on some events. 

“They’ll maintain spot. Simply not for 100% of their holdings. So the fund’s objective is nearly all spot publicity, however the paperwork enable for flexibility to make use of derivatives if wanted.”

Amid the ETF expectations, holders have proven conviction, particularly retailers. A latest AMBCrypto report established that there was no panic promoting regardless of a latest spike in trade reserves. 

For whales, nevertheless, the ETF hype was not sufficient to leap on the buildup pattern once more. These massive gamers have been offloading a mean of 40 million XRP every day since July.  

Supply: CryptoQuant

Whether or not they are going to add extra XRP publicity forward of ETF debut stays to be seen.

Nevertheless, on Binance, prime merchants have been overly bullish. For the reason that ninth of September, they’ve elevated their lengthy positions from 68% to 72%. 

Supply: CoinGlass

Total, the XRP market positioning was break up between whales and retail forward of the approval and buying and selling of the primary U.S. spot ETF.

On the worth charts, nevertheless, XRP appeared prepared to increase its 11% restoration in September.

Regardless of the overhead provide zone at $3 (pink), the every day RSI didn’t present indicators of an overheated market but, as of press time. 

Supply: XRP/USDT, TradingView