XRP ETF Storm: Grayscale and giants take action, approval is inevitable!🚨🚀

The cryptocurrency market has recently refocused on XRP. This is due to significant updates made by leading asset managers in their spot $XRP #etf applications submitted to the U.S. Securities and Exchange Commission (SEC). Major institutions such as Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree have revised their applications in response to SEC feedback.

Compliance with SEC Feedback

Bloomberg ETF analyst James Seyfarth emphasized that these changes almost certainly align with SEC requirements. Although this event was anticipated, he believes it is a very positive sign for the ETF approval process. The updated documents provide flexibility in how funds operate: they are no longer limited to cash inflows and outflows, but allow for the creation of funds with XRP or cash and redemption in cash or assets. This structural innovation could increase investor interest.

Giant's Race

The simultaneous update of applications by multiple institutions has further heated interest in the sector. Nate Geraci, president of NovaDius Wealth, described this simultaneous move as 'very notable' and pointed out that a significant milestone has been reached in the approval process.

Nevertheless, all eyes are on BlackRock, the largest player in the market. Although it is a leader in spot ETFs for Bitcoin and Ethereum, the company has not applied for #XRP and recently announced that it does not plan to do so. This raised questions about BlackRock's strategy and further highlighted the actions of other major players.

Implications for XRP Price

All of these events had an immediate impact on the price of XRP. XRP surged by 7% to $3.08, drawing investors' attention again. The acceleration of the ETF approval process could create additional volatility for XRP. If the SEC process leads to approval, it is likely to experience a significant increase in liquidity and market confidence, similar to spot ETFs on Bitcoin and Ethereum.

Conclusion

Updates to XRP ETF applications are a clear indicator of both institutional interest and regulatory compliance efforts. Concurrent actions by giants like Grayscale, Bitwise, and CoinShares reassure market participants. While BlackRock has chosen to remain on the sidelines for now, the next step in the approval process will be one of the most critical events that will determine XRP's fate.

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