XRP Surges 7% on Spot ETF Launches by Grayscale and Franklin Templeton; Derivatives Markets Show Mixed Sentiment

XRP experienced a significant price surge, outperforming Bitcoin, driven by the highly anticipated launch of spot XRP ETFs by Grayscale andFranklin Templeton. This positive market reaction is reflected in a strongly positive funding rate on Deribit, indicating bullish sentiment, although a contrasting negative funding rate on Bybit and a discount on dated futures suggest some underlying skepticism or hedging activity. The overall narrative is one of institutional adoption driving price action, with mixed signals in derivatives markets.