Following the approval of Bitcoin spot ETF now there is a race to gain approval for offering ETFs of a few other crypto like Litecoin, Doge, XRP, and Solana. In a most recent development, it has been reported that the U.S. SEC has acknowledged the XRP spot ETF filing of Bitwise.
SEC’s filing notes that the application was filed by Cboe BZX Exchange on behalf of Bitwise, seeking approval over the listing and trading of Bitwise XRP ETF as a commodity-based trust share.
With the SEC’s acknowledgment, it is now clear that a final decision is expected after 240 days, completing the review taken from the investors.
Big players in the queue to get final approval from the SEC
Before Bitwise XRP spot ETF application the commission had already acknowledged the filing of 21Shares and GrayScale, yet Canary’s and Wisdom Capital are under the review process.
All of the giants of the Bitcoin spot ETF market have been seeking new opportunities in XRP ETF, yet the leader in BTC ETF, BlackRock, remains on the back foot with no official confirmation.
There are claims that the spot ETFs of XRP, Solana, Litecoin, and Dogecoin are expected to get a green signal from the SEC.
When a few companies filed for Litecoin spot ETF prices of LTC saw, a sudden growth in its trading price was seen, but after Bitwise’s application for XRP ETF, the prices of XRP remained steady, trading at $2.52 with an intraday loss of 2.11%.
XRP price updates
Trump’s victory in the 2024 presidential elections has helped almost every crypto to retest a few new marks, XRP crossed $1 in mid-November 2024.
XRP trading above 20, 50, 100, and 200 days EMA, and in case of continued loss, XRP might test the support of $2.33 followed by $2.02. There are more favorable conditions for the surge, and in that case, the 1st resistance is $3.34, followed by $3.65.
There are several claims that XRP will likely surpass the mark of $5, and the arguments for the claim are the approval of XRP spot ETF and the clearance of the long going lawsuit with the SEC.
In terms of 52 weeks of price growth, XRP is among the few tokens that impressed its investors with a growth of more than 300%. Until publishing, the market capitalization of XRP was $146.61 billion, with a weekly growth of 7.77% and 52 52-week surge of 371%.
As of writing, the crypto market cap was $3.1 trillion and $105.19 billion, with a surge of 9.29 percent. The wider market seems to be in fear, as the fear and greed indicator is at 37 in the red territory.
