SEC Begins Evaluation of XRP ETF Proposals from Major Asset Managers

TLDR

• SEC has acknowledged multiple XRP ETF filings from major firms including CoinShares, Canary Capital, and WisdomTree, opening a 21-day public comment period
• Brazil’s SEC approved Hashdex to launch the world’s first spot XRP ETF, getting ahead of US counterparts
• XRP price increased 6% to above $2.70 following the SEC’s acknowledgment of the ETF filings
• The SEC under acting Chair Mark Uyeda has paused several crypto-related litigations but hasn’t yet commented on the Ripple case
• Trump’s return to the White House has led to changes in SEC’s regulatory approach, including the creation of a dedicated Crypto Task Force

The Securities and Exchange Commission (SEC) has begun reviewing multiple applications for XRP exchange-traded funds (ETFs), marking a new phase in the cryptocurrency’s path toward mainstream investment products. The regulatory body has acknowledged filings from CoinShares, Canary Capital, and WisdomTree, triggering a 21-day public comment period.

These acknowledgments came through three separate Wednesday filings on the SEC’s website. The applications were submitted through the Nasdaq and Cboe BZX exchanges. After publishing the filings in the Federal Register, the SEC will have a 240-day window to make its final decision on approving or rejecting the proposals.

The recent wave of XRP ETF applications follows earlier submissions from Grayscale and Bitwise, which the SEC has also acknowledged. This increased activity in XRP ETF filings comes as the cryptocurrency market continues to evolve under new regulatory oversight.

While US regulators review these applications, Brazil has taken the lead in the XRP ETF race. Asset manager Hashdex received approval from Brazil’s SEC equivalent to launch what will become the world’s first spot XRP ETF. This development puts Brazil ahead of other countries in offering regulated XRP investment products.

The market has responded positively to these regulatory developments. XRP’s price increased by 6% above $2.70 during early Asian trading on Thursday. The cryptocurrency saw $8.10 million in futures liquidations over 24 hours, with short positions accounting for $6.29 million of that total.

The SEC’s current stance on cryptocurrency regulation shows signs of change under acting Chair Mark Uyeda. The agency has paused several legal actions against crypto companies, including cases against Coinbase and Binance. However, the SEC has not yet commented on its ongoing appeal against Judge Analisa Torres’s ruling in the Ripple case.

According to Fox Business’s Eleanor Terrett, citing legal sources, the delay in addressing the Ripple case may be due to the SEC’s focus on cases with pressing court deadlines. Ripple’s next court deadline is scheduled for April 16.

Market Impact

Technical analysis shows XRP recently bounced off the lower boundary of a symmetrical triangle pattern, recovering the $2.55 support level. The cryptocurrency is currently testing resistance at $2.72, which coincides with its 50-day Simple Moving Average.

Trading indicators, including the Relative Strength Index, Stochastic Oscillator, and Moving Average Convergence Divergence, are all positioned above their neutral levels, suggesting bullish momentum in the market.

The change in the SEC’s regulatory approach coincides with President Donald Trump’s return to the White House. Under the new administration, the SEC has established a dedicated Crypto Task Force to develop fresh approaches to digital asset oversight. This task force is led by commissioners known for their crypto-friendly positions.

The public comment period will allow market participants to provide feedback on how the SEC should approach these XRP ETF applications. This process officially begins once the SEC adds the filings to the Federal Register.

Market analysts note that if XRP maintains its position above the symmetrical triangle’s resistance and breaks through with high volume, it could potentially test its seven-year high of $3.40. However, a rejection at the current resistance level could push the price back to test lower support levels.

Recent data shows that XRP has maintained its position above key support levels despite market volatility. The $2.55 level has proven particularly important as a foundation for recent price movements.

If the price closes below $2.24 on a daily basis, it could invalidate current technical predictions and potentially lead to a decline toward the $1.96 support level. These technical levels continue to serve as key reference points for traders and investors.

The SEC’s review process for these ETF applications comes at a time when the broader cryptocurrency market is experiencing increased institutional interest. The multiple ETF applications from established financial firms reflect growing demand for regulated crypto investment products.