XRP XRP/USD emerged as one of many greatest large-cap gainers Thursday following the SEC’s acknowledgment of its exchange-traded fund utility by Grayscale Investments.
What occurred: The third-largest cryptocurrency by market capitalization was up over 4% within the final 24 hours, whereas blue-chip currencies like Bitcoin BTC/USD and Ethereum ETH/USD fell 0.33% and 1.18%, respectively.
The outperformance got here after the SEC solicited feedback on the ETF utility by Grayscale and requested for these to be submitted 21 days after publication within the Federal Register.
Notably, the SEC acknowledged the XRP as a “decentralized community of computer systems” with no single entity proudly owning the community. It additionally described it as being just like Bitcoin.
Ought to the SEC grant approval, the Grayscale XRP Belief, which at the moment holds roughly $12.8 million in property, would transition into an ETF.
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Other than Grayscale, ETF functions from CoinShares, Bitwise, and Canary Capital have landed on the SEC’s desk.
As of this writing, the odds that an XRP ETF will get permitted in 2025 are at 82% on the cryptocurrency-based prediction platform, Polymarket.
XRP’s sentiment has additionally been bolstered by expectations of broader acceptance in Japan’s monetary providers sector. Japanese monetary conglomerate SBI Group offered shareholders the choice to obtain XRP by way of its rewards program.
Worth Motion: On the time of writing, XRP was exchanging palms at $2.58, up 4.20% within the final 24 hours, based on data from Benzinga Pro. 12 months-to-date, the coin was up 11.45%.
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