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applications were withdrawn in recent months after the SEC declined to discuss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withdrawn.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.
Ripple’s Key Moves: Legal, DeFi, and Partnerships
Recently, Ripple has been engaged with several notable
developments across various sectors. The company has partnered with Revolut
and Zero Hash to expand access to its RLUSD stablecoin, aiming to
strengthen its market position and challenge the dominance of USDT and USDC.
This collaboration could enhance RLUSD’s visibility in the competitive
stablecoin market.
🚨 New partner alert: Ripple USD – a trusted, transparent, and regulated stablecoin built for payments – is now available for trading on @ZeroHashX and @RevolutApp!Get $RLUSD: https://t.co/jrEiNBWKgN pic.twitter.com/36q5OU5xfa
— Ripple (@Ripple) February 5, 2025
In partnership with Portuguese currency exchange provider
Unicâmbio, Ripple
is now offering instant international payments between Portugal and Brazil.
The service leverages Ripple’s payment platform, utilizing digital assets for
efficient cross-border settlements.
Ripple whales have been actively acquiring XRP tokens, with
recent data showing that large
investors purchased 520 million XRP during a recent price dip. This ongoing
accumulation has drawn attention to Ripple’s market activity.
The SEC’s reassignment of Jorge Tenreiro, who previously
oversaw cryptocurrency cases such as Ripple’s and Coinbase’s, has
raised questions about the agency’s approach to crypto litigation.
Tenreiro’s move to the IT department has sparked speculation on how it might
affect future decisions in Ripple’s ongoing legal battle.
JUST IN: 🇺🇸 SEC Transfers Top Crypto Litigator Jorge Tenreiro to IT Department!He played a key role in both the @Ripple and @coinbase lawsuits, another sign this case is almost over! 💥📈Comment Below & Follow For More!!👇👇#Ripple #Coinbase $BTC $XRP pic.twitter.com/SN0OsaA4Cx
— Good Morning Crypto (@AbsGMCrypto) February 5, 2025
Ripple
recently donated $100,000 in XRP to aid communities affected by California
wildfires. Through The Giving Block platform, Ripple’s donation supports
organizations like World Central Kitchen and GiveDirectly, contributing to
relief efforts.
In DeFi, Ripple
has teamed up with Chainlink to integrate RLUSD with decentralized finance
applications on Ethereum. This partnership aims to expand RLUSD’s use case,
offering trading and lending features within the DeFi ecosystem.
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data. The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
— Ripple (@Ripple) January 7, 2025
Ripple is exploring XRP’s
potential inclusion in a US crypto reserve, though concerns about
centralization have emerged. Ripple’s David Schwartz defended the
decentralization of the XRP Ledger, emphasizing its resilience to manipulation
and its independent nature.
In Japan, Ripple
expects XRP Ledger adoption by banks by 2025, as stated by SBI CEO
Yoshitaka Kitao. This initiative aims to improve cross-border payments and
currency conversions for remittances, enhancing Japan’s financial
infrastructure.
Lastly, the XRP
Ledger (XRPL) faced a brief disruption due to an issue with its consensus
mechanism, causing validations to fail and ledgers to “drift apart.”
Ripple’s CTO David Schwartz confirmed the issue was resolved after a validator
reset the consensus, restoring normal network operations.
This article was written by Tareq Sikder at www.financemagnates.com.
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