- Grayscale has filed for the conversion of its XRP Trust to a spot XRP ETF in the US.
- Purpose Investments Inc. also filed for a spot XRP ETF with Canadian authorities.
- XRP is trading at $3.08, showing signs of a retest of lower support levels in the near future.
XRP could be on the verge of a bullish rally. This comes as Grayscale, a major digital asset management firm, filed for a spot XRP exchange-traded fund (ETF) with the New York Stock Exchange (NYSE) Arca.
A 19b-4 filing was submitted by the NYSE Arca on behalf of Grayscale. The goal is to convert Grayscale’s XRP Trust into a spot ETF. But according to FOX Business journalist Eleanor Terrett, more XRP ETF applications could be seen from various issuers next week. An influx of such ETPs could put the altcoin at higher valuations in the near future.
The NYSE Arca filing added that Grayscale believes that the XRP ETF “would provide other investors with a way to invest in XRP on a regulated national securities exchange.” Many firms, including Bitwise, Canary Capital, 21Shares, WisdomTree, and CoinShares, have already submitted filings for the approval of a spot XRP ETF in the US.
Related: XRP Ledger DEX Volume Hits $400M in January, Ripple CEO Bullish on Growth
On the other hand, in Canada, Purpose Investments Inc., the pioneer of Bitcoin and ETH ETFs around the world, filed a preliminary prospectus with Canadian authorities. They propose to launch the Purpose Ripple ETF.
XRP Price Analysis
As per CoinMarketCap data, XRP is currently trading at $3.08. It’s up 1.17% in the past 24 hours but failed to break above the $3.15 price level. The nearest support for the altcoin is at $2.90. It has held above that region successfully despite the market correction.
Related: Ripple Founder Liquidates $109M in XRP, While Solana Pump.fun Dumps $212M in SOL
The price action is in the bullish region of the Bollinger Bands. But the bears are trying to make an entry into the bearish region. A bounce from $2.90 can be expected in the near future. Also, the RSI is at 60.23, confirming that the buyers are currently in charge of the XRP price action. The gradient of the line, however, suggests a slight correction in the short term.
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