✨ Hey hey, hope all is well, happy to be here with some good news as I'm sure many of you have heard as well, we knew this week could be intense but this is great to see, and without further delay, we'll give the quick rundown.
✨ Yesterday the 27th the U.S. Securities and Exchange Commission Approved three XRP ETFs from ProsShares which is an issuer of ETFs. The ETF's will be three XRP-tracked ETFs as listed: an Ultra XRP ETF, an Ultra Short XRP ETF and a normal short XRP ETF. So basically two ETF's with x2 leverage for the long and shorts and one normal ETF for basic shorts.
✨ Also to note is that the SEC has yet to approve ProShares separate application for a Spot XRP ETF so their still waiting on that approval alongside other asset managers with other XRP spot fund applications such as 21Shares and Grayscale so it seems the SEC is still waiting to approve any direct spot futures on XRP so when that does happen it'll no doubt boost price action and bolster sentiment. I've also added a reference link below to an article on the ETF's for anyone who'd like to read more into the matter.
https://www.theblock.co/post/352088/proshares-to-launch-leveraged-short-xrp-futures-etfs-on-april-30
✨Below we'll also take quick look at our technical analysis for the day highlighting a new channel that's formed since we last broke out of our descending channel.
✨As the chart demonstrates, we can see that traders managed to avoid falling below the horizontal channel we spoke on last time and that combined with the ascending channel that's formed and this ETF news has really helped XRP rally back up already over 6% for the week so happy to see the development and the S&P 500 itself has been rallying the last week so that's helped too.
✨ I'll leave the idea here for now, we mainly just have to watch that ascending channel for price action and hope traders can keep price within the channel and continue pushing, especially with the ETF news to help, so keep watch for that on the technical, watch news for the beyond technical and keep posted with me for more updates of course!
✨ As always, thank you so much for all the support, really appreciate you guys and let's keep at it, things will work out.
Best regards,
Gk