Pro-XRP lawyer John Deaton raised awareness to a dip in XRP’s price this week as several ETF issuers updated S-1 filings with ticker symbols, a move that market watchers say brings the products closer to launch even as a US government shutdown slows regulatory work.
According to price feeds, XRP traded around $2.57 at the time of reporting, up 7.5% for the day after tumbling to $1.20 over the weekend and staging a recovery of more than 100%.
ETF Filings Move Forward
Based on reports from ETF watchers, amendments have gone in for a number of spot XRP ETF applications. ETF analyst Nate Geraci posted that firms including Grayscale, Bitwise, Franklin Templeton, 21Shares, WisdomTree and Canary Capital filed updates.
Some documents now list ticker symbols — Grayscale’s would be GXRP, Franklin Templeton’s XRPZ and Canary’s XRPC — which market participants view as one of the last procedural steps before approval. Grayscale’s decision was scheduled for October 18, while Bitwise’s had an expected date of October 22.
Regulatory Pause Hits Timetable
Reports have disclosed that the ongoing US government shutdown has reduced the Securities and Exchange Commission’s capacity to finish certain review actions.
Reporter Eleanor Terrett said the agency is operating with a skeleton crew and has suspended functions that include accelerating registration statements and declaring S-1s effective, steps required for funds to begin trading.
With a new generic listing standard now in place and the SEC asking issuers about withdrawing related 19b-4 filings, conventional deadlines may not hold.
Prediction markets put the chance of the shutdown becoming the longest in US history at about 49%, which adds uncertainty to timing.
Deaton posted a light comment on X, writing “XRP is a bit cheaper today,” which was followed by a thoughtful emoji. That remark echoed a common refrain among XRP holders who see the current lull as an entry point while institutional products near readiness.
At press time, XRP’s rebound from a low near $1.20 to roughly $2.57 shows how quickly the token moved in recent sessions. Analysts note that continued filing updates suggest issuers expect approvals once normal SEC operations return.
Market Drops And Liquidations
The broader crypto market suffered a rapid decline that intensified the drama. Based on market-cap metrics, total crypto value fell from $4.09 trillion at noon yesterday to about $3.3 trillion by nine PM (UTC), a loss of nearly $800 billion within nine hours.
Community commentators pointed to heavy liquidations during that event. Chad Steingraber said the crash triggered what he called the largest XRP long liquidation in history, around $422 million, and he pointed to unusual exchange flows as part of the post-crash analysis.
Featured image from Vecteezy, chart from TradingView
