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XRP News: Grayscale’s XRP ETF Faces SEC Countdown – Decision by Oct 18!
The long-awaited countdown has begun for Grayscale’s XRP exchange-traded fund (ETF) as the U.S. Securities and Exchange Commission (SEC) has officially started its review process, with a deadline of October 18.
According to Fox Business journalist Eleanor Terrett, the filing’s publication marks a crucial step in the regulatory process. While this doesn’t guarantee approval, it commences the clock for the SEC to engage with the application. The regulatory body has initiated a 240-day review process for the submission, which began on February 14 when they acknowledged the filing.
The evaluation entails a 21-day public comment period, enabling stakeholders to share their thoughts on the proposal. Following this feedback gathering, the SEC will analyze the comments and assess the application. Furthermore, the SEC must make a decision by October 18, either approving, rejecting, or extending their evaluation.
This regulatory hurdle is not without controversy, as it coincides with Ripple’s ongoing lawsuit with the SEC regarding whether XRP should be classified as a security. Although Ripple secured partial victories in court, uncertainty persists over how the SEC will approach an XRP ETF. The SEC has shown caution when approving altcoin ETFs compared to Bitcoin ETFs, primarily due to concerns about market manipulation.
Grayscale’s push for an XRP ETF could have significant implications on the cryptocurrency market if approved. In light of this, some traders and investors are predicting that the price of XRP could potentially breach its all-time high (ATH) of $3.84 should the SEC grant approval.
Currently, the XRP price is trading at around $2.66, reflecting a 1% decline in the last 24 hours. The market capitalization currently stands at approximately $154 billion. Despite mixed signals from key indicators such as the Relative Strength Index (RSI) and Commodity Channel Index (CCI), suggesting a neutral trend, the Moving Average Convergence Divergence (MACD) hints at a possible bullish move.
Should XRP break above the critical resistance levels of $2.75-$2.80 with significant volume backing, it could rise to $3 and even challenge the $3.40 mark, a potential ATH breaching event.
Source: coinpedia.org
