XRP ETF Launch Delayed: Rex-Osprey Set for September 18 Debut
Key Takeaways
- The launch of the first U.S. spot XRP ETF has been rescheduled for September 18.
- Analyst notes the ETF's structure as a Registered Investment Company (RIC).
- Market data reveals a divergence in sentiment between retail investors and whales.
The launch of the Rex-Osprey Dogecoin [DOGE] and spot Ripple [XRP] ETFs has been postponed to September 18. This marks the potential debut of the first spot XRP ETF in the United States.
Bloomberg ETF analyst James Seyffart clarified the launch date, noting the initial schedule was inaccurate. He also highlighted a structural difference in Rex-Osprey's filing compared to those from firms like Fidelity and Bitwise.
According to Seyffart, these ETFs will be structured as Registered Investment Companies (RICs), differentiating them from standard exchange-traded funds.
“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.”
Rex-Osprey's strategy involves leveraging the RIC structure for a potentially faster market entry, circumventing the more extensive 19b-4 process under the Securities Act of 1930. However, this approach may present tax implications, as seen with the firm's earlier conversion of its Solana [SOL] ETF to a RIC to maintain competitive parity.
XRP ETF Expectations
Seyffart indicated that the XRP ETF will primarily hold spot XRP but could incorporate other ETFs and derivatives under certain conditions.
“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.”
Despite the anticipation surrounding the ETF, market sentiment appears divided. Recent data suggests retail investors are maintaining strong conviction, with no significant panic selling observed despite a rise in exchange reserves. Conversely, larger XRP holders (whales) have been reducing their positions, offloading an average of 40 million XRP daily since July.
On Binance, top traders show increasing bullishness, increasing their long positions from 68% to 72% since September 9th.
From a technical analysis perspective, XRP demonstrates potential for further gains following its 11% recovery in September. While a significant supply zone exists at $3, the daily Relative Strength Index (RSI) does not currently indicate an overbought condition.
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