The SEC has taken a significant step towards potentially approving XRP ETFs by acknowledging filings from major exchanges. Simultaneously, Brazil has approved the world's first spot XRP ETF, while the SEC's litigation against Ripple casts a shadow of uncertainty on the future of XRP.
The Sec urities & Exchange Commission ( SEC ) has accelerated the process for reviewing applications for XRP Exchange Traded Funds (ETFs), acknowledging filings from Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree. This news comes as investors eagerly anticipate a potential shift in the SEC 's stance on XRP , following the recent approval granted to Hashdex to launch the world's first spot XRP ETF in Brazil .
The SEC's acknowledgment of these ETF filings marks a significant development in the ongoing saga surrounding XRP and its regulatory status. The agency's request for public comments on these filings within the next 21 days, followed by a 240-day window to make a decision, indicates a more proactive approach to addressing the growing demand for XRP-based investment products. This development follows the SEC's recent acknowledgment of XRP ETF filings from Grayscale and Bitwise, further fueling speculation about a potential change in the agency's stance on XRP.However, the future of XRP remains somewhat uncertain. While the SEC's move towards approving XRP ETFs is a positive sign, the agency's ongoing litigation against Ripple continues to cast a shadow over the cryptocurrency. The new SEC administration, led by acting Chair Mark Uyeda, has yet to comment on the SEC's appeal against Judge Analisa Torres's ruling in its case with Ripple. This silence has led to speculation that the SEC might prioritize cases with imminent court deadlines, potentially delaying any decision on the XRP ETF filings. Meanwhile, XRP has experienced a recent surge in price, surpassing the $2.70 mark following the SEC's acknowledgment of ETF filings. This rally could be further fueled by the launch of the world's first spot XRP ETF in Brazil, approved by its SEC-equivalent authority. XRP's technical indicators suggest continued bullish momentum, with the Relative Strength Index (RSI), Stochastic Oscillator (Stoch), and Moving Average Convergence Divergence (MACD) all trading above their neutral levels. If XRP manages to break through the symmetrical triangle resistance level, it could potentially rally to test its seven-year high of $3.40. However, a rejection at the $2.72 resistance level could send XRP back to the lower boundary of the triangle, retesting the $2.55 support level
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