Grayscale Seeks to Convert $16M XRP Trust To Spot ETF: Will The SEC Approve?
Grayscale Investments showcases its determination to transform its existing $16 million XRP Trust into an actual spot ETF. A successful regulatory approval will create history by giving professional investors direct control of XRP ETFs while reducing their need to manage self-custody and on-chain requirements.
Ripple finds itself at a critical point as it continues fighting legal battles with the U.S. Securities and Exchange Commission (SEC). Having scheduled the next hearing in April, Ripple achieved a court victory time, but regulatory uncertainty persists in burdening the XRP price.
SEC’s Reluctance: Will Ripple Finally Get Its XRP ETF?
Since the beginning of its legal battle with regulators, the SEC has declared Ripple as a security. However, since the change in the SEC’s management, many analysts believe that now is a more favorable time for the XRP ETF.
After the SEC’s recent appeal of the Ripple case, regulators have expressed more acceptance of the Spot XRP ETF to gain approval. The favorable legal rulings Ripple obtained from its case have given Grayscale a reason to be optimistic.
A green light from the SEC will trigger an institutional cash flow towards XRP that will boost its market value. The XRP price will be increasingly more competitive against Bitcoin and Ethereum in institutional sectors because of the regulated legal access.
How ETF Approval Could Impact XRP Price
The approval of an XRP ETF by the SEC would bring fresh market liquidity because institutional investors and retail investors would obtain a regulated product to buy into Ripple. ETF approval events have consistently produced strong market transformations that propelled Bitcoin prices higher after its spot listing approval.
XRP’s price is likely to fluctuate beyond the $3.50 to $4.00 range in the short-term period while extending its long-term price above $5 when institutional investors increase their demand. Currently, Ripple changes hands at $2.40, noting a 6% decrease on the daily charts.
An unsuccessful SEC application may cause XRP to remain stuck in its present trading boundaries. However, market analysts are optimistic for Ripple, with some saying that the XRP ETF approval has an over 90% likelihood.
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