XRP on Fire! Price Jumps 13% as Market Cap Hits $155B!
With the majority of the top digital assets either consolidating around yesterday’s levels or registering modest advances, the cryptocurrency market hasn’t seen much activity in the last day. Ripple’s XRP, on the other hand, has withstood the current trend, seeing a daily price increase of 13.06%. Although its market capitalization jumped beyond $155.37 billion, it currently trades at $2.69. This caused it to overtake Tether (USDT) as the third-largest cryptocurrency.
XRP ETF One Step Closer? SEC Begins Review Process!
The US SEC‘s decision to accept Grayscale’s proposal to turn its XRP Trust into an exchange-traded fund (ETF) is arguably the most likely factor driving the rally. Although this is a big start in the right direction, it doesn’t mean that the product will be accepted. The review phase, which typically lasts up to 240 days, comes after the acknowledgment. During this time, the regulator will carefully consider the filing before rendering a final judgment.
With a possible green light, investors will have more ways to learn about XRP without having to purchase, hold, or oversee the asset themselves. Over time, this might have a favorable effect on the price and draw more individuals into the ecosystem. Brad Garlinghouse, the CEO of Ripple, recalled that he had stated time and time again that such a development was unavoidable.
XRP Supporters See ETF Progress as a Sign of SEC Softening
Within the XRP Army, the regulator’s previously mentioned action has generated a great deal of excitement. While many think the XRP ETF will soon be approved, others have conjectured that the SEC’s favorable position may also extend to the legal arena. The well-known X user XRPcryptowolf believes that if the securities watchdog hadn’t been certain they were going to dismiss the XRP case, they wouldn’t have accepted Grayscale’s ETF application.
For those who are unaware, Ripple and the SEC filed a lawsuit in December 2020. The company’s partial legal victories over the last few years appear to have shifted the scales in its favor. Additionally, Mark Uyeda, who has a completely different perspective on the business, took over as SEC Chairman after Gary Gensler, a crypto critic, resigned from his position on January 20. The Ripple community now anticipates a positive conclusion shortly as a result of those adjustments.
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