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XRP News: Grayscale’s XRP ETF Faces SEC Countdown – Decision by Oct 18!
In a significant development, Grayscale has officially taken the first step towards securing approval for its XRP exchange-traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) has posted Grayscale’s 19b-4 filing to the Federal Register, marking the start of the review period. This crucial milestone gives the SEC a deadline of October 18 to make a decision on the proposal.
While approval is not guaranteed, this step is a critical juncture for XRP investors and enthusiasts. The ETF’s potential approval could have significant implications for the cryptocurrency market as a whole. According to Fox Business journalist Eleanor Terrett, this filing’s publication initiates the clock for the SEC to engage with the application. A 21-day public comment period will be initiated, allowing stakeholders to share their thoughts on the proposal.
Following the completion of the feedback gathering process, the SEC will analyze the comments and make a final decision by October 18. This timeline underscores the urgency and importance of Grayscale’s efforts in obtaining approval for its XRP ETF. The regulatory body has already begun a 240-day review process that started on February 14 when they acknowledged the filing.
Ripple Lawsuit Could Delay Approval
However, Grayscale’s push to secure an XRP ETF faces significant hurdles. The SEC is embroiled in a prolonged legal battle with Ripple over whether XRP should be classified as a security. Although Ripple secured partial victories in court, uncertainty remains regarding how the SEC will approach the approval of an XRP ETF.
The SEC has demonstrated increased caution when approving altcoin ETFs compared to Bitcoin ETFs due to concerns about market manipulation. In light of this, any potential delays or rejections could have far-reaching implications for the cryptocurrency market and investors.
Potential Price Action
In terms of price action, XRP’s current trading pattern indicates a neutral trend. The Relative Strength Index (RSI) is currently at 51.84, while the Commodity Channel Index (CCI) stands at 69.60, both suggesting a neutral market condition. Conversely, the Moving Average Convergence Divergence (MACD) hints at a potential bullish move.
If XRP breaks above the key $2.75-$2.80 resistance with substantial volume support, it could propel to $3 and even challenge the $3.40 mark. This possible price surge would be fueled by the anticipation of an ETF approval.
Conclusion
Grayscale’s 19b-4 filing marks a critical milestone in its efforts to secure approval for an XRP ETF. The regulatory body must now make a final decision on the proposal by October 18. While delays or rejections are possible, given the ongoing legal battle between Ripple and the SEC, any positive outcome could have substantial implications for the cryptocurrency market. As investors await the SEC’s decision, they should be aware of the potential price action that may unfold in the coming weeks.
Stay tuned to Coinpedia for more updates on XRP, Grayscale, and other significant crypto-related news and trends!
Source: coinpedia.org
