XRP Soars on ETF Hype as SEC Appeal Withdrawal Sparks Investor Interest
XRP Surges Amid BlackRock’s Bitcoin and Ethereum Acquisitions
XRP Outshines Bitcoin and Ethereum Amid ETF Speculation
Recent developments have shown that XRP is experiencing a remarkable surge, outperforming both Bitcoin and Ethereum despite BlackRock’s significant investments in these cryptocurrencies. The optimism surrounding the SEC’s decision to drop its appeal against the Programmatic Sales ruling has heightened expectations for the approval of XRP’s spot ETF applications.
In the past week, XRP has seen an impressive increase of 21.61%, while Bitcoin and Ethereum have recorded gains of 6.85% and 14.68%, respectively. For context, BlackRock’s iShares Bitcoin Trust reported substantial net inflows of $1.76 billion for the week ending July 11, positioning it as the second-highest in weekly inflows. Meanwhile, the iShares Ethereum Trust ranked sixth in the same period, highlighting the growing interest in these digital assets.
Grayscale and SEC Under Scrutiny Following ETF Launch Delay
On July 1, the SEC approved a rule change that would allow Grayscale’s Digital Large Cap Fund to transition into the Grayscale Digital Large Cap ETF. This ETF is set to invest in a range of cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and XRP, potentially signaling a rising demand for altcoin-focused ETFs. However, the SEC issued a stay order that has postponed the ETF’s launch.
The SEC justified this delay by stating it would provide a framework for ETF issuers, aimed at streamlining and expediting the approval process. In response, Grayscale contested the SEC’s stay order on July 11, drawing significant attention from the broader market.
As the landscape of cryptocurrency investments continues to evolve, the implications of these developments are likely to resonate throughout the industry, particularly concerning the future of XRP and its potential ETF.
