SEC Moves Forward with Grayscale’s XRP ETF Review – What’s Next?
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s XRP ETF filing. This is a big deal for XRP investors.
It means the review process has begun and could take months to conclude. SEC’s history of delaying and rejecting crypto ETFs has many speculating about XRP’s regulatory future.
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SEC’s Stance on XRP ETFs – A Shift in Regulatory Tone?
FOX Business’s Eleanor Terrett reported that the SEC accepted Grayscale’s 19b-4 application, the filing required to list and trade shares of an ETF.
So the SEC is considering the proposal instead of rejecting it outright like they did with Solana (SOL) ETF applications that were recently withdrawn under pressure.
The SEC has historically been reluctant to approve crypto ETFs but approved Bitcoin spot ETFs earlier this year which was a sign of a shift.
Now with the XRP ETF in review investors are watching to see if XRP gets similar institutional acceptance.
- The SEC’s acknowledgement doesn’t guarantee approval but starts the review process.
- The application will be published in the Federal Register and has a 240 day decision timeline.
- In the coming weeks public comments and more regulatory feedback will shape the final decision.
Market Reactions & Ripple’s Response
Ripple CEO Brad Garlinghouse said an XRP ETF is inevitable as institutional adoption grows. His comment reflects a broader view that XRP is getting over the regulatory hurdles especially with the SEC vs. Ripple lawsuit ongoing.
Nate Geraci, President of ETF Store, called this a big moment for the Ripple case.
Many think if the SEC is seriously considering an XRP ETF it could mean a relaxation of the regulatory pressure on the asset and would open the door for broader institutional adoption.
XRP Price Outlook – Where Does It Go from Here?
XRP is up 9.12% in the last 24 hours trading at $2.78. On the 4-hour chart XRP is approaching the key resistance at $2.97 which is the descending trendline. A break above this level could be a signal for a move to $3.21 and $3.40.
Technical Indicators:
- 50 EMA ($2.54): Acting as dynamic support, reinforcing the uptrend.
- Support Levels: Immediate at $2.69, followed by $2.52 if selling pressure intensifies.
- Breakout Zone: A move above $2.97 could trigger further bullish momentum.
With increasing volume and interest XRP is short term constructive but traders should see if XRP can hold above $2.97 to confirm the break.
Key Insights:
- SEC’s acknowledgment of Grayscale’s XRP ETF sparks investor optimism.
- Ripple CEO sees ETF approval as a matter of “when,” not “if.”
- XRP faces key resistance at $2.97, with a breakout potentially leading to $3.40.
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