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XRP Price Jumps 10% as Six Firms Update Spot XRP ETF Proposals with SEC
The price of Ripple’s native cryptocurrency, XRP, has surged by a staggering 10% to $3.10 after six major asset management firms updated their spot XRP exchange-traded fund (ETF) proposals with the US Securities and Exchange Commission (SEC). The unexpected upswing in XRP’s value follows a series of ETF filing updates from influential players in the crypto market, sparking renewed optimism about the asset’s future prospects.
As reported by CoinCentral, this sudden 10% hike is likely fueled by growing expectations that the SEC will grant approval to these ETFs. The recent submissions represent a significant step forward in the pursuit of institutional-grade products that can bring increased liquidity and legitimacy to the market for XRP.
The news comes amid an increasingly positive sentiment surrounding cryptocurrency markets, as Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts. This development has sparked an upward trend across various digital assets, with Ethereum (ETH) reaching a new all-time high of $4,887 in response to this shift in monetary policy.
Source: coincentral.com
