SEC Acknowledges Grayscale's XRP ETF Application: A New Era for Crypto?

The United States Securities and Exchange Commission (SEC) has acknowledged Grayscale’s 19b-4 application for the spot XRP ETF, marking a significant step forward in the cryptocurrency industry. This development hints at a more open approach from the agency toward crypto exchange-traded funds (ETFs), as previously noted by FOX Business journalist Eleanor Terrett.

Ripple CEO Brad Garlinghouse has expressed his confidence in the inevitable approval of the spot XRP ETF, stating on X (formerly Twitter) that he had previously pointed out the inevitability of this development. The SEC’s engagement with the XRP ETF application could signal a shift in stance, especially with the US welcoming its first pro-crypto administration on January 20th.

If the application moves ahead, the next step would involve reviewing similar ETF filings from other asset managers, including Bitwise, 21Shares, Canary Capital, and WisdomTree. The 240-day countdown for Grayscale’s approval process will officially begin once the filing is published in the federal register.

Following the ETF acknowledgment, XRP is currently trading at $2.56, a 3.67% price increase in the last 24 hours. The next major resistance level sits at $3.00, while support is seen around $2.30. The Relative Strength Index (RSI) sits at 46.26, suggesting neutral momentum, but the gradient of the line hints at room for further gains if buying activity increases.

The Moving Average Convergence Divergence (MACD) indicator remains slightly bearish, with the MACD line (blue) hovering below the signal line. However, any sustained price surge could lead to a bullish crossover, potentially signaling a bullish trend in the near future.