The US Securities and Exchange Commission (SEC) has formally
acknowledged Grayscale’s 19b-4 filing for an XRP exchange-traded fund (ETF).
The agency’s action indicates that it will consider the proposal but does not
guarantee approval.
Meanwhile, the XRPUSD H1 chart indicates a bullish trend
that began yesterday. The price reached approximately 2.78000 and may continue
its upward movement for the near term.
SEC Starts XRP ETF Review Process
Grayscale plans to convert its existing XRP Trust into a
fully tradable ETF on the New York Stock Exchange (NYSE) Arca. The company
launched its XRP Trust several years ago, similar to its Bitcoin and Ethereum
trusts. If approved, the conversion would increase liquidity and accessibility
for investors.
The SEC’s acknowledgment is only the first step in the
approval process. The filing will be published in the Federal Register,
allowing a 21-day public comment period. After that, the SEC can approve,
reject, or extend the review by initiating further proceedings.
BOOOOOOOOOOOOOOOOOM!!!!The SEC has officially acknowledged the #XRP 19b-4 filings! 👀💥 pic.twitter.com/tdq9gMyHo4
— JackTheRippler ©️ (@RippleXrpie) February 13, 2025
The decision follows a history of the SEC refusing to engage
with altcoin ETF applications under former Chairman Gary Gensler. Solana ETF
applications were withdrawn in recent months after the SEC declined to discuss
them. The agency has also acknowledged filings for a Dogecoin ETF, a shift from
past policies where altcoin ETF applications were typically rejected or
withdrawn.
XRPUSD Shows Bullish Momentum After Support
The XRPUSD H1 chart shows that after finding support at
2.32750, the price made a bullish move. It faced rejection around 2.50000,
followed by a bearish correction. After consolidating for a while, the price
made a strong move upward. As of now, the price remains bullish and may
continue its upward movement.
Meanwhile, DeepSeek
AI analyzed Ripple’s legal situation, On-Demand Liquidity (ODL) adoption,
and market trends to predict that XRP could trade between $3.50 and $5.00 by
the end of 2025, as reported by Finance
Magnates.
The model assigns a 70% probability of a positive legal
outcome for Ripple, which could boost investor confidence and institutional
adoption. Increased use of Ripple’s ODL platform may also raise demand for XRP.
Market sentiment, especially Bitcoin’s performance and global economic
conditions, will influence XRP’s price movement.
More Firms Await SEC XRP ETF Acknowledgment
Other firms, including Bitwise Invest, 21Shares, Canary
Funds, and WisdomTree Funds, have also filed for XRP ETFs. However, their
applications have not yet been formally acknowledged. Meanwhile, President Trump has nominated Paul Atkins as the
next SEC chairman. Until his confirmation, Mark Uyeda is serving as the acting
chairman.
This article was written by Tareq Sikder at www.financemagnates.com.
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