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- Grayscale applied to the U.S. SEC to convert its XRP Trust into an ETF on NYSE Arca.
- Analysts predict XRP could reach $4, citing technical indicators and market sentiment.
- Regulatory uncertainty remains, but recent political shifts could favor crypto ETFs.
Grayscale has requested the SEC to expand its cryptocurrency investment products by turning its XRP Trust into an exchange-traded fund (ETF) on NYSE Arca. Analysts anticipated the optimistic trends. They have projected that the XRP price may soon hit $4.
Grayscale Seeks to Convert XRP Trust Into an ETF
Grayscale applied with the U.S. SEC to convert its XRP Trust into an ETF. The move aimed to provide investors with easier access to XRP through traditional financial markets. If approved, the ETF would be listed on NYSE Arca and track the XRP price movements.
According to the filing, Grayscale XRP Trust managed $16 Million in assets. This made it one of the largest institutional investment vehicles for XRP.
The company stated that converting the trust into an ETF would enhance liquidity. They also emphasized that it would improve price transparency and provide regulatory oversight through a national securities exchange.
Grayscale’s filing followed similar applications by CoinShares, WisdomTree, ProShares, Bitwise, and REX Shares. This further signaled growing institutional interest in XRP ETFs.
Analysts Expect XRP to Hit $4 Soon
The XRP price has seen a 44.9% increase over the past 30 days, outperforming most major cryptocurrencies. Technical analysts have now eyed the $4 mark as the next major resistance level.
Crypto analyst Dark Defender stated that the XRP price awaits confirmation on 4-hour and 1-day charts for a breakout. He further predicted the $4 mark as the immediate target.
Meanwhile, Velo Maxi, a widely followed analyst, suggested that XRP could reach $4 within the next week. He indicated this by citing a bullish pennant formation.
Other market analysts, including Crypto Whistler and Fabio Zuccara, believe that XRP’s uptrend remained intact. He believes that it has the potential to surpass its all-time high of $3.40.
Zuccara highlighted an ascending channel pattern on the one-day XRP price chart. This further indicated a consistent uptrend.
Technical indicators have also supported the bullish thesis. Bollinger Bands on XRP’s daily chart have tightened, signaling an imminent volatility surge.
Armando Pantoja, a crypto investor, noted: “The Bollinger Bands on XRP’s daily are tightening significantly, signaling an explosive move ahead.”
Regulatory Challenges and a Shifting Landscape
The XRP price was still tied up in Ripple Labs’ legal battle with the SEC. This accused the company of raising $1.3 Billion through an unregistered securities sale.
When the lawsuit briefly vanished from the SEC’s website, rumors of a possible settlement spread quickly. However, attorney Jeremy Hogan shut down the speculation, confirming the ongoing case.
Meanwhile, Donald Trump’s return to the White House has sparked optimism for a more relaxed regulatory stance on crypto. Many in the industry expect his administration to roll back some restrictions, which could improve the odds of XRP ETF approvals.
At the same time, interim SEC Chair Mark Uyeda has launched a task force to create clearer rules for digital assets. Since the SEC has already greenlit Bitcoin (BTC) and Ethereum (ETH) ETFs. Some analysts believe XRP could be next. This could happen if it can navigate the legal hurdles.
Grayscale’s XRP ETF application has marked a significant step toward institutional adoption of XRP. While regulatory uncertainty remains a concern, analysts believe the SEC’s evolving stance could increase the likelihood of approval.
The XRP price has kept surging, and multiple ETF applications are pending. With this, the coming weeks could determine whether the cryptocurrency breaks past $4 or faces further resistance.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
