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Following the SEC’s recognition that new ETF filings have been made, XRP has surged 17%.
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The SEC will make a decision on the fate of the filings at the end this year.
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The SEC actions raise hopes that the XRP ETF will be approved and the Ripple lawsuit will be resolved.
The price of XRP has seen a significant increase, rising 17% in the last week following the U.S. SEC acknowledging another XRP-based ETF filing.
The SEC recognized the application of asset manager 21Shares on Friday, only a day after Grayscale’s application for an XRP ETF. This latest news caused excitement in the XRP community and suggested that official approval may be on its way.
SEC Decision Timeline for XRP ETF
The SEC’s acknowledgment is a positive step, but does not guarantee approval.
This does not mean that the SEC will accept these filings. This is different than their recent approach to crypto ETFs. In December, for example, the SEC indicated that they were not interested in pursuing these applications.
The SEC has 240 calendar days to decide the fate of these XRP-based ETF filings. Decisions are expected towards the end of the year.
At least three more form 19b-4 submissions of XRP-ETFs are still awaiting recognition by the regulator, namely those from Bitwsie, WisdomTree and Canary Capitals. Commentators have suggested that the recognition could be next week.
Related Ripple CEO: XRP Approval “Inevitable”. Analyzing Potential XRP Prices
XRP Price Reacts To ETF News
XRP’s price has risen as the XRP community anticipates the ETFs to be approved.
At the time of this article, XRP was trading at $2.80. It had briefly touched a two-week peak at $2.83 after an intraday gain of 8.5%. XRP’s current price is only 26% lower than its all-time highest of $3.84.
The ETF development has fueled a lot of optimism and made the future of XRP ETFs a hot subject for crypto enthusiasts.
ETF News Raises Hope of Ripple Case Close
The SEC’s acknowledgement of XRP applications for ETFs has also raised hopes that Ripple’s long-running lawsuit could soon be over.
The SEC’s willingness review XRP ETF application indicates possible shifts in the regulator’s view of Ripple.
Related Is the Ripple lawsuit Set for a Breakthrough after SEC and Binance Agreed to Pause Suit After SEC and binance Agreed to Pause Suit
Some have suggested that this approach could also be applied to Ripple. These moves are being made under the new leadership of the SEC, with interim chair Mark Uyeda seen as more crypto-friendly that his predecessor.
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