XRP ETF Drama: SEC’s 240-Day Countdown to Crypto Chaos!

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XRP price is doing that thing where it pretends to be a rocket ship, all because the U.S. Securities and Exchange Commission (SEC) has officially slapped Grayscale’s XRP exchange-traded fund (ETF) filing onto the Federal Register. 🚀📄

This marks the start of a 240-day review period, during which the SEC will decide whether to approve the application or, more likely, file it under “Things We’ll Get Around to Eventually.”

Grayscale’s XRP ETF: The SEC’s Newest Paperweight

The SEC’s review process for Grayscale’s proposed XRP ETF officially began after it was posted on the Federal Register. The agency now has until October 18, 2025, to make a decision, which is roughly the same amount of time it takes to grow a decent beard. The process includes a 21-day public comment period, where anyone with an internet connection can share their thoughts, whether they’re insightful or just emoji-filled rants. 😅

Afterward, the SEC will analyze the proposal, assess market risks, and probably lose the paperwork at least once. XRP’s legal classification remains a key factor in the ETF’s approval, especially since the SEC is still suing Ripple Labs over whether XRP is a security or just a very expensive digital token. The regulator has been more cautious with altcoin ETFs compared to Bitcoin ETFs, likely because they’re still trying to figure out what a “blockchain” is.

XRP Price: Will It Break $3 or Just Break Hearts?

XRP’s price has reacted positively to the ETF developments, with traders eagerly anticipating a potential breakout. The token is currently testing key resistance levels, with analysts watching for a move beyond $3.00. Some believe that clearing this level could signal a larger rally, while others are just hoping it doesn’t crash and burn like a poorly timed meme coin. 💸

Crypto traders have shared their insights on XRP’s price movement. “XRP continues to hold inside a corrective channel, which is typical for a Wave 4,” CasiTrades posted on X, projecting an all-time high looming. Another trader, Dark Defender, suggested that the XRP price could move toward $2.77 before testing $3, because apparently, crypto traders love their decimal points. 🧮

Market sentiment has also been influenced by speculation about major financial institutions using XRP for transactions. Reports suggest that Bank of America may be leveraging XRP for internal payments, though no official confirmation has been provided. Because, you know, banks love to keep secrets. 🤫

US SEC’s Stance on Crypto Regulation: A Comedy of Errors

The SEC has been reviewing multiple XRP ETF applications alongside Grayscale’s filing. On February 19, the agency acknowledged applications from asset managers CoinShares, Canary, and WisdomTree. These applications were submitted through exchanges like Nasdaq and Cboe BZX, because apparently, the SEC loves paperwork more than a cat loves cardboard boxes. 📦

The SEC’s approach to crypto regulation has come under scrutiny in recent months. Under the current administration, the agency temporarily paused its lawsuit against Binance, leading some analysts to believe that regulatory pressure on crypto firms may ease. Consequently, investors are hopeful that this shift could work in Ripple’s favor, which may boost XRP price to a new ATH. Or, you know, it could just lead to more confusion. 🤷‍♂️

President Donald Trump’s administration has been viewed as more crypto-friendly, and his recent social media activity has fueled optimism. He shared an article discussing Ripple Labs’ expansion in the U.S., which noted that XRP saw a price surge following the 2024 presidential election. Because nothing says “crypto boom” like a tweet from a former president. 🐦

XRP ETF Approval Odds: Betting on the Inevitable?

The chances of an XRP ETF approval have risen on Polymarket, where betting odds currently stand at 81%. Concurrently, Brazil recently became the first country to approve an XRP spot ETF, adding to the growing demand for institutional investment in the asset which may push the XRP price to a new ATH. Or, you know, it could just be another bubble waiting to pop. 🎈

Despite the optimism, some analysts urge caution. Azura CEO Jackson Denka noted that XRP has historically experienced rapid price increases followed by steep declines.

“Until we see real adoption and actual progress of their blockchain, it is hard to make the claim that this price is sustainable,” Denka said, probably while sipping a very expensive coffee. ☕

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2025-02-21 06:57