XRP Spot ETF Remains a Dream in U.S.A
The SEC gave the green light to ProShares Trust’s multiple XRP futures ETFs.
Quick overview
- ProShares has received SEC approval for multiple XRP futures ETFs, while the approval for spot ETFs is still pending.
- Brazil recently launched its first XRP spot ETF on the B3 stock exchange.
- XRP is testing significant resistance near the $2.5 range, with potential resistance at $2.72 if it surpasses $2.
- Ripple is focusing on growth and acquisitions rather than pursuing an IPO, citing strong liquidity and a healthy cash position.
Live XRP/USD Chart
ProShares’ new Futures ETF has indeed been approved in the world’s largest economy, but a spot ETF is still something different:
The SEC gave the green light to ProShares Trust’s multiple XRP futures ETFs.
Everyone is waiting for the approval of spot ETFs, which takes longer than expected. Meanwhile, in Brazil, the first XRP spot ETF was launched on the B3 stock exchange this past Friday.
“In the USA. Recently sanctioned were the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF. These three new products trading strategies aim to yield leveraged returns on their XRP futures price.”
The XRP/USDT daily price chart indicates severe resistance near the $2.5 range, corresponding to a 50% Fibonacci retracement of the move from the $3.4 high to the $1.6 low. It is testing this resistance.
If XRP manages to surpass the daily candlestick close above $2, there is a chance it will face resistance at $2.72.
Ripple has shifted its focus to growth instead of going public. During an interview with CNBC, President Monica Long stated that the blockchain firm does not have plans for an IPO in the near term due to strong liquidity and a focus on acquisitions.
Ripple is now concentrating on expansion. According to President Monica Long, the blockchain company has no immediate intentions for an IPO because of its high liquidity and emphasis on acquisitions as development avenues.
The San Francisco-based blockchain company, which has a healthy cash position, does not believe it is urgently necessary.
“At this time, we have a lot of liquidity, so we have billions of dollars of cash on the balance sheet,” Long said in her interview.
Ripple is leaning toward an acquisition-driven strategy with billions of dollars in capital reserves. Long has underlined that the company is actively growing through strategic investments.
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