SEC Acknowledges 21Shares XRP ETF Filing, XRP Price To $59?

The U.S. Securities and Exchange Commission (SEC) has acknowledged the XRP exchange-traded fund (ETF) application submitted by 21Shares. This development marks another step in the growing interest in XRP-based financial products.

The filing’s acknowledgment comes amid increased speculation about the potential approval of an XRP ETF. The latest market analysis suggests that XRP could see a price surge if the ETF is approved, with some analysts pointing to a possible $59 valuation.

US SEC Acknowledges 21Shares XRP ETF Filing

According to a filing, the US SEC has accepted the application for an XRP ETF from 21Shares, which aims to track the performance of the Ripple-linked digital asset. The firm initially submitted its filing in early November, joining other asset managers seeking approval for cryptocurrency-based ETFs.

This is not the first XRP ETF application to be acknowledged by the SEC. Recently, Grayscale’s filing for a similar financial product was also recognized by the regulator.

According to ETF analyst Nate Geraci, this acknowledgment sends a “strong message” about the SEC’s approach to crypto ETFs.

Growing Competition in the XRP ETF Market

Multiple investment firms have submitted applications to launch spot XRP ETFs. Apart from 21Shares and Grayscale, companies such as WisdomTree and Bitwise have also filed proposals.

These firms seek to provide investors with regulated access to XRP without requiring direct ownership of the asset.

Earlier this month, the Cboe BZX Exchange submitted a regulatory filing to list shares of the proposed XRP ETFs. The SEC’s acknowledgment of these applications indicates that the review process is moving forward, though final approval remains uncertain.

Will XRP ETF Approval Push Price To $59?

The acknowledgment of XRP ETF applications has fueled discussions about potential price movements.

A recent analysis of XRP’s market cap chart suggests a double-bottom breakout pattern, which could push XRP’s valuation to $3.4 trillion. If this target is met, the price of XRP could rise to $59, representing a 24x increase from its current levels.

Technical analysts have also observed an ascending triangle pattern forming in XRP’s price chart. If the asset closes above $2.75, it could trigger a bullish move toward $3.40, setting the stage for further gains. Market participants are closely watching these price levels, as they could determine the next major price trend for XRP.

Regulatory Uncertainty and SEC’s Ongoing Lawsuit

The SEC’s acknowledgment of multiple XRP ETF filings comes amid its ongoing lawsuit against Ripple, the issuer of XRP. This legal battle, which began in 2020, has created uncertainty around XRP’s regulatory status in the United States.

Despite this, several financial institutions and investment firms continue to express confidence in XRP’s long-term viability. Concurrently, analyst have noted the bullish momentum in the Ripple token has yet to materialize and if this sentiment persist, XRP price may soar to $110. At press time, XRP price was trading at $2.72, a 14% surge from the intra-day low of $2.54.

The acknowledgment of an ETF filing does not guarantee approval. However, the growing number of applications suggests increasing demand for regulated XRP investment products. Market analysts estimate a 78% chance of an XRP ETF receiving approval this year, according to data from Polymarket.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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