The first U.S spot XRP ETF hasn’t influenced whales to increase exposure to the altcoin
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The first U.S. spot XRP ETF launch date has been extended again 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 will be the first spot XRP ETF in the U.S.
Bloomberg ETF analyst James Seyffart clarified that these ETFs are scheduled to launch next week, not on the 12th of September.
He also noted that the structure of this particular filing is different from those submitted by issuers like Fidelity, Bitwise, and others.
Seyffart stated,
“These will be structured as RIC’s (registered investment companies), so not identical to either $SSK or the current BTC & ETH ETFs out there in the market.”
Source: X
This has been REX Osprey’s playbook to get to the market faster than rivals who go through the long route under the 19b-4 process of the Securities Act of 1930 (30-Act).
Unfortunately, the structure comes with tax inconveniences, which forced the firm to convert its Solana [SOL] ETF to a RIC, to effectively compete with incoming ETFs.
XRP ETF expectations
Seyffart added that the product will be a spot ETF, but could include other ETFs and derivatives on some occasions.
“They will hold spot. Just not for 100% of their holdings. So the fund’s goal is almost all spot exposure, but the documents allow for flexibility to use derivatives if needed.”
Amid the ETF expectations, holders have shown conviction, especially retailers. A recent AMBCrypto report established that there was no panic selling despite a recent spike in exchange reserves.
For whales, however, the ETF hype was not enough to jump on the accumulation trend again. These large players have been offloading an average of 40 million XRP daily since July.
Source: CryptoQuant
Whether they will add more XRP exposure ahead of ETF debut remains to be seen.
However, on Binance, top traders were overly bullish. Since the 9th of September, they have increased their long positions from 68% to 72%.
Source: CoinGlass
Overall, the XRP market positioning was split between whales and retail ahead of the approval and trading of the first U.S. spot ETF.
On the price charts, however, XRP appeared ready to extend its 11% recovery in September.
Despite the overhead supply zone at $3 (red), the daily RSI didn’t show signs of an overheated market yet, as of press time.
Source: XRP/USDT, TradingView
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