- The SEC has acknowledged Bitwise’s ETF filing for review alongside Grayscale and 21Shares applications, with a 21-day public comment period before further decisions.
- The crypto ETF landscape is expanding rapidly following Bitcoin and Ethereum fund approvals in 2024, with numerous altcoin ETF applications pending including Litecoin, Solana and even Dogecoin.
- XRP’s price sits at US$2.53 with analyst Egrag Crypto projecting a potential rise to US$5.00 if it breaks above its current trading channel, while maintaining a bullish outlook through mid-March.
The US Securities and Exchange Commission (SEC) has just acknowledged a filing for an XRP exchange-traded fund (ETF) by Bitwise. The fund, proposed to trade on the Cboe BZX Exchange, was recognised but not yet approved as of Tuesday, US time.
This marks the third XRP filing the SEC acknowledges, after it did so for applications by Grayscale and 21Shares, while filings by Canary Funds and Wisdom Tree are still in the queue.
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In the filing, the SEC has asked for public comments within 21 days, after which the ETFs could be approved, rejected or they could start a more in-depth review process.
This would be more involved than a preliminary review and would indicate that the SEC has specific concerns or requires more information before making a final decision.
More Altcoin ETFs Expected
Following the previous filings, Ripple CEO Brad Garlinghouse said he had in the past pointed out, and “more than once”, that XRP ETFs are “inevitable”.
Crypto-related ETFs are becoming increasingly popular. Following the approval of several Bitcoin and Ethereum ETFs in 2024, these funds have seen strong inflows.
That has sparked asset managers to launch a whole host of altcoin ETF applications including Litecoin, Solana, Hedera, Cardano, Polkadot and even for memecoins, although the latter seems unlikely at this stage – though a Dogecoin ETF filing was acknowledged by the SEC.
The move by the SEC is a big step toward a more crypto-friendly approach, following Gary Gensler’s departure and comes while the legal case against Ripple is ongoing.
Analyst Discusses Next Targets for XRP Price
Although the price of XRP has fallen over the past 24 hours, going as low as US$2.47 (AU$3.88), it has since started to climb on the positive news and currently sits at US$2.53.
Crypto analyst Egrag Crypto suggested in a post on X, that if XRP breaks above its current trading channel, the price could rise to US$4.20 (AU$6.61) and potentially US$5.00 (AU$7.87), but a break below could see it drop to around US$1.80 (AU$2.83), setting up for a bullish double bottom pattern.
Related: Solana Faces Sharp Decline in DEX Volume and SOL Price Amid Market Uncertainty
If XRP continues within the channel without breaking out by mid-March, it remains bullish, enhancing the potential for significant price movements either way in the future, Egrag added.
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