New XRP ETF Might Launch Sooner Than Expected

After the successful launch of the XRP Canary ETF, which made the strongest debut of the ETF with the highest trading volume on the first day, the XRP community is now looking to what’s next as the SEC releases a new update.

On Friday, Eric Balchunas, a senior ETF analyst, shared updates on new guidance released by the SEC’s Division of Corporate Finance to quietly speed up filings for issuers of volatile crypto ETFs.

While the SEC had only opened shortly after the prolonged government shutdown, the move comes as part of the SEC’s efforts to effectively deal with the “more than 900 registration statements” that accumulated during the government shutdown.

All eyes on Bitwise XRP ETF

It is important to note that issuers of potential crypto ETFs continued to file their filings even during the government shutdown that kept the SEC office closed.

As such, this created a massive backlog for the SEC after its recovery; therefore, it now seeks to make the job easy by allowing issuers who had already submitted their documents correctly to request a much faster review.

Thus, Eric emphasized that the development will favor crypto ETFs that have not submitted the 8-A form before, as they can now speed up the effectiveness of their applications, removing the usual waiting period of 20-40 days.

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After this news, Eric made a strong conviction that Bitwise’s XRP ETF is likely next, as their filings align well with the new SEC approach.

While this suggests that XRP investors may see the next ETF launch much faster than originally planned, the XRP community is optimistic that the launch of the Bitwise XRP ETF will come before the November 19th planned.

Notably, the move also raised optimism about XRP’s performance for November, as recent events have projected that November will be a big month for XRP.

However XRP has consistently traded sideways since the beginning of the month, investors have been resistant on its long-term price outlook.