The SEC (Securities and Exchange Commission) has acknowledged an XRP ETF filing from NYSE and Grayscale, sparking bullish momentum in the XRP market.
Trade Crypto on Kraken
By acknowledging the 19b-4 filing from the New York Stock Exchange and Grayscale (which is looking to convert its XRP Trust product into an ETF), the SEC has given itself a 240-day deadline to decide whether to approve or reject Grayscale’s XRP ETF application.
Ripple CEO Brad Garlinghouse reacted to the news by stating that he has pointed out the SEC’s eventual acknowledgment of an XRP ETF application as inevitable.
I recall pointing out – more than once – that this was inevitable. (despite some vocal assertions to the contrary!)
— Brad Garlinghouse (@bgarlinghouse) February 13, 2025
Meanwhile, ETF Store president Nate Geraci expressed surprise about the cryptocurrency community’s relatively muted reaction to the news, as he described the acknowledgement as an “enormous message” from the SEC.
Shocked more people aren’t talking about SEC accepting XRP ETF filing…
They have open litigation w/ Ripple.
Meanwhile, they just acknowledged filing of ETF holding asset in dispute (they easily could have rejected this filing).
Enormous message IMO.
— Nate Geraci (@NateGeraci) February 14, 2025
However, the market certainly seems to have noticed the news, as XRP gained 11.7% in the last 24 hours, surging to a market capitalization of $157 billion. With its +28.8% year-to-date performance, XRP is currently the year’s best performer in the crypto top 10.
Kraken: Best crypto exchange for security & reliability
- Buy, sell, and trade 400+ cryptocurrencies with industry-leading security
- Spot, Futures & Margin trading – leverage up to 5x for advanced traders
- Earn rewards with staking on top cryptocurrencies
- 24/7 customer support and high liquidity for fast trades
- Regulated in the US with strong compliance and security measures
- 13+ million users worldwide
Get Started on Kraken
It’s still too early for XRP holders to celebrate
Although the SEC’s acknowledgment of the filing is certainly a positive step towards the approval of an XRP ETF, it’s far from a guarantee.
Bloomberg’s ETF analysts James Seyffart and Eric Balchunas recently published their odds for the approval of various altcoin ETFs.
In their estimation, Litecoin is the most likely to receive an ETF, while XRP is still less likely. Despite XRP having the lowest odds, however, they are still quite high at 65%. When estimating the odds, the analysts operated under the assumption that the filings would be acknowledged.
NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We’re putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.
Here’s the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M
— James Seyffart (@JSeyff) February 10, 2025
Price prediction algorithm forecasts $4.48 XRP by April
The XRP price prediction algorithm on CoinCodex expects XRP’s bullish momentum to continue, as it’s forecasting XRP to reach as high as $4.48 by April. This would represent a 64% increase compared to the price of XRP at the time of publication.
Source: https://coincodex.com/article/63108/heres-why-xrp-is-up-today-sec-acknowledges-xrp-etf-filing/