Ripple’s XRP is making waves in the crypto world as the SEC acknowledges Grayscale’s proposal to convert its XRP Trust into an exchange-traded fund (ETF). While this does not guarantee approval, it marks a significant development, especially under the SEC’s new leadership.
Bloomberg analysts Eric Balchunas and James Seyffart estimate a 65% chance that an XRP ETF could be approved, which could open the floodgates for major institutional investments. This recognition puts XRP in a race with other cryptocurrencies, with Dogecoin also vying for an ETF.
🚨SO, for everyone asking what this means — the SEC has *acknowledged* @Grayscale/@NYSE’s 19b-4 application to convert its $XRP Trust into an ETF.
— Eleanor Terrett (@EleanorTerrett) February 13, 2025
No, it doesn’t mean automatic approval and it doesn’t even guarantee the SEC will approve it down the line.
So why is it notable?… https://t.co/GICXgobYsZ
Dogecoin and XRP Join the ETF Race
XRP isn’t alone in the ETF race. Dogecoin, often seen as a meme coin, has also gained attention after the SEC acknowledged the New York Stock Exchange’s filing for both XRP and Dogecoin ETFs. This acknowledgment starts the official review process, signaling a key milestone for both tokens.
James Seyffart, a prominent analyst, noted on X that while this was expected, it remains an essential step. If approved, a Dogecoin ETF could push the meme coin further into the realm of mainstream finance. Meanwhile, an XRP ETF could significantly increase adoption and drive its price up.
NEW: There it is — The SEC just acknowledged @Grayscale & @NYSE’s 19b-4 filing to list an XRP ETF
— James Seyffart (@JSeyff) February 13, 2025
(this was mostly expected but officially means the clock will start soon for this and Dogecoin) pic.twitter.com/IQgTqPiiOe
The SEC has invited public comments on Grayscale’s Dogecoin ETF proposal, with responses due in 21 days. Following that, the agency will decide whether to approve, reject, or extend the decision-making timeline.
When Will the SEC Decide?
Legal expert Jeremy Hogan suggests that the SEC might take 8 to 12 months to approve any S-1 ETF filings, meaning investors will likely have to wait for a final decision. As Ripple continues its legal battle with the SEC, an ETF approval could signal a shift in the legal landscape, potentially clearing XRP from its security classification.
Ripple CEO Brad Garlinghouse remains confident that an XRP ETF is “inevitable,” and the recent SEC actions may signal a turning point in Ripple’s ongoing struggles with the agency.
XRP Price Outlook: Bullish Momentum
Following the ETF news, XRP has seen a 4% price increase and is testing resistance at $2.55. Technical indicators such as the RSI and MACD suggest a bullish trend, with XRP potentially moving towards $3.15. However, failure to maintain key support levels could see a pullback to $2.26.
Also Read: Analyst Predicts XRP Could Surge 15,300% to $400 If Major Banks Adopt, But Skepticism Remains
As both XRP and Dogecoin vie for approval, the crypto community eagerly awaits the SEC’s decision. Whichever ETF gets the green light first could usher in a new era for these tokens and accelerate their mainstream adoption.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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