XRP is set for a potential 27% surge as rising crypto ETF filings and strong market momentum drive investor optimism.
- XRP appears to be on the rise as asset managers prepare to file a flurry of XRP ETF registrations with the SEC next week.
- The NYSE Arca submitted a 19b-4 to convert Grayscale’s XRP Trust to a spot ETF.
- XRP continues to consolidate within a bullish pennant, with a possible 27% gain.
Ripple’s XRP is up 2% in the Asian session on Friday, after the New York Stock Exchange’s (NYSE) Arca 19b-4 filing with the US Securities and Exchange Commission (SEC) to convert Grayscale’s XRP Trust into a spot ETF. The remittance-based coin might see a 27% increase in the coming days as issuers could file a flurry of XRP ETF registrations with the SEC next week.
Grayscale to convert XRP Trust to spot XRP ETF
The competition for new cryptocurrency ETFs in the United States is heating up, with asset managers registering new products with the SEC.
The NYSE Arca filed a 19b-44 to convert the Grayscale XRP Trust into a spot XRP ETF.
“The Sponsors […] believe that allowing Shares of the Trust to list and trade on the Exchange as an exchange-traded product (” ETP “) (i.e., converting the Trust to a spot XRP ETP) would provide other investors with a way to invest in XRP on a regulated national securities exchange,” according to the application.
Following Grayscale’s decision, FOX Business’ Eleanor Terrett said that most issuers might start filing for an XRP ETF next week. “Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week,” said Terrett in an X post on Thursday.
Bitwise, Canary Capital, 21Shares, WisdomTree, and CoinShares have all filed for XRP ETFs with the SEC. Filings submitted during the last SEC administration were automatically removed since the agency failed to recognize them. Most asset managers are anticipated to resubmit their reports in the coming days.
If the new SEC administration approves XRP ETF registrations, it might mark the end of its four-year legal struggle with Ripple, resulting in a big rise for the remittance coin.
XRP continues consolidation within bullish pennant
According to Coinglass statistics, XRP has seen only $1.78 million in futures liquidations in the last 24 hours. Liquidated long and short positions were $842,000 and $941,000, respectively.
XRP continues to consolidate within a bullish pennant, attempting to break the pattern’s upper boundary resistance. If XRP can break over the barrier and maintain it as support. It might climb 27% to a new all-time high of $4.10. However, it must overcome its all-time high resistance at $3.55 before such a move can occur.
XRP/USDT 8-hour chart
The Relative Strength Index (RSI) is above the neutral level, suggesting that bullish momentum is prevailing. However, the Stochastic Oscillator (Stoch) is overbought, suggesting that a reversal is approaching.
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