XRP Spikes 5% After SEC’s ETF Acknowledgment Sends ‘Enormous Message’
The SEC has received Grayscale Investments’ 19b-4 filing to convert its XRP Trust into a spot ETF, initiating a formal review process. This acknowledgment opens a regulatory timetable for public commentary and decision-making regarding the proposed ETF. While it does not guarantee approval, it indicates the SEC's engagement with the filing amid ongoing litigation with Ripple. Analysts suggest this could signal the SEC's openness to settle the Ripple case. The acknowledgment is seen as a significant shift in the SEC's approach, contrasting with previous rejections of similar filings. Following the announcement, XRP's price increased by over 5%, although it faced resistance at $2.58. A breakthrough above this level could lead to further gains, targeting $2.77 and potentially retesting a high of $3.40.
