XRP News: All Eyes on Rex-Osprey ETF Approval, Price To $6?

The U.S. Securities and Exchange Commission (SEC) reviews REX-Osprey spot XRP ETF on Friday, in latest XRP news update.

The community expects imminent approval as the agency approved a spot Solana ETF by the issuer earlier this month.

The SEC approving any XRP ETF would be a huge milestone, as it could provide regulatory clarity in addition to legal clarity established thanks to the Ripple vs SEC lawsuit.

XRP News: REX-Osprey ETF Approval Deadline Looms

REX-Osprey XRP ETF remains in the spotlight as the US SEC’s decision on its approval or denial is scheduled to happen on July 25.

The ETF provides regulated exposure to its clients as the ETF will track the spot price of XRP from a regulated market index.

The approval could fundamentally shift XRP demand from institutional investors. The demand for XRP can be evident from multiple issuers filing for a spot XRP ETF.

Notably, Grayscale, Bitwise, Canary, 21Shares, WisdomTree, CoinShares, and Franklin filed for spot XRP ETF with the U.S. SEC earlier this year.

However, the SEC delayed its decision to seek more time for approval. The crypto community anticipated approval of REX-Osprey XRP ETF after the SEC approved REX-Osprey Solana Staking ETF (SSK) in early July.

Unlike most crypto ETFs registered under the Securities Act of 1933, REX-Osprey structured its applications under the Investment Company Act of 1940.

The CME XRP index and XRP futures launch also support the presence of a regulated market for the crypto asset in the United States.

Moreover, Bloomberg ETF analysts Eric Balchunas and James Seyffart set 90% odds of XRP ETF approval by the SEC.

XRP Remains Strong Despite Correction

XRP open interest in perps remains high despite a pullback in prices this week, according to Kaiko data.

The crypto asset hit its first record high in 7 years of $3.65, but profit booking occurred as indicators signaled the crypto was overbought.

The report indicated a further record high expected in XRP price during the altcoin season. This would require support from high trading volumes and positive sentiment.

Santiment data further revealed that XRP network growth always maintained high levels. XRP funds recorded a massive inflow $36 million last week, post listing of ProShares Ultra XRP ETF on NYSE Arca.

XRP Price to Rally Over $6

While Ripple’s executive chairman Chris Larsen dumped some XRP to Coinbase after ATH, whales bought over 280 million in XRP in the last 10 days, as observed in recent XRP news reports.

Analyst Crypto Tony remained bullish on XRP, claiming he holds long and as the crypto looks strong for the long term.

Analyst Ali Martinez predicted XRP price could rally to $6 and $15 later this year. XRP triangle breakout in the daily chart and bull flag pattern formations in the weekly chart signaled these massive bullish price targets.

Moreover, analyst EGRAG CRYPTO also predicted Ripple price to hit $6.26. This would follow price targets of $16.5 and over $20.

Despite these bullish predictions, investors need to do due diligence and exercise caution amid the recent volatility and uncertainty in the crypto market.

XRP price was down 6% in the past 24 hours and 13% in a week, with the price trading at $3.03 at the time of writing. The 24-hour low and high were $3.02 and $3.26, respectively.

Trading volume tumbled 40% in the last 24 hours amid massive crypto options expiry and profit booking by whales and institutions.