Why XRP Is Skyrocketing Today
XRP (CRYPTO: XRP) is rocketing higher in Friday's trading. The cryptocurrency's token price was up 11.1% over 24 hours of trading at 11 a.m. ET. Meanwhile, Bitcoin was up 1.1%, and Ethereum was up 3.3%.XRP's valuation is surging following news that the Securities and Exchange Commission (SEC) had acknowledged Grayscale's application for an exchange-traded fund (ETF) built around the cryptocurrency. Grayscale is the company behind the Grayscale Bitcoin Trust, the Grayscale Ethereum Trust, and other securities built around cryptocurrencies.Yesterday, the SEC published a notice acknowledging that it had received Grayscale's filing to offer an XRP ETF as a publicly tradeable security. While the acknowledgement doesn't mean that the proposed ETF will be approved by the regulatory agency, it does signal that the SEC will consider the application and make a determination based on its findings. The agency has already shot down other filings to create securities built around altcoins, so the acknowledgment itself represents a beneficial development for the cryptocurrency. Continue reading
XRP (CRYPTO: XRP) is rocketing higher in Friday's trading. The cryptocurrency's token price was up 11.1% over 24 hours of trading at 11 a.m. ET. Meanwhile, Bitcoin was up 1.1%, and Ethereum was up 3.3%.
XRP's valuation is surging following news that the Securities and Exchange Commission (SEC) had acknowledged Grayscale's application for an exchange-traded fund (ETF) built around the cryptocurrency. Grayscale is the company behind the Grayscale Bitcoin Trust, the Grayscale Ethereum Trust, and other securities built around cryptocurrencies.
Yesterday, the SEC published a notice acknowledging that it had received Grayscale's filing to offer an XRP ETF as a publicly tradeable security. While the acknowledgement doesn't mean that the proposed ETF will be approved by the regulatory agency, it does signal that the SEC will consider the application and make a determination based on its findings. The agency has already shot down other filings to create securities built around altcoins, so the acknowledgment itself represents a beneficial development for the cryptocurrency.
