- The SEC’s acknowledgment of Hashdex Nasdaq Crypto Index US ETF highlights growing regulatory acceptance of crypto.
- Significant XRP demand for the ETF signals its rising importance, with 17M+ XRP needed per share.
- XRP shows potential for price reversal, with RSI at 40.30 and MACD below the signal line, indicating possible future gains.
The U.S. SEC has formally acknowledged the 19b-4 filing for the Hashdex Nasdaq Crypto Index ETF, as highlighted by Chad Steingraber. This ETF proposes to hold both spot Bitcoin and Ethereum, marking a significant development in the digital asset landscape.
According to the filing, each share of the ETF would require 215.85405164 XRP. With 79,609.477 shares currently under the fund, this translates to a total XRP holding of 17,184,028.16. This substantial XRP demand per share underscores its growing importance in the crypto ecosystem. The net asset value (NAV) per share is $6,725.44, with XRP constituting 1.48% of the overall market or index weight.
As of this writing, XRP’s price stands at $0.4783, reflecting a modest 0.07% increase over the past day, according to CoinMarketCap data. The market capitalization has risen to $26.63 billion, also up by 0.07%. Notably, the 24-hour trading volume has surged by 38.74%, reaching $766.10 million. The volume-to-market cap ratio for the past 24 hours is 2.86%, indicating heightened trading activity.
The circulating supply of XRP is currently 55,688,327,582, representing 55.69% of the total supply of 99,987,490,594 XRP. The maximum supply is capped at 100 billion XRP, resulting in a fully diluted market cap of $47.82 billion.
Source: Coinmarketcap
Technical analysis of the 1-day chart reveals that XRP has been trading within a narrow range, reaching a low of approximately $0.476 and a high of around $0.482. This price action suggests support at $0.476 and resistance around $0.482.
XRP/USD 1-week price chart, Source: TradingView
XRP’s 1-week Relative Strength Index (RSI) currently stands at 40.30, indicating a neutral position. This suggests the possibility of a price reversal in the near future. Additionally, the one-week moving average convergence divergence (MACD) is trading below the signal line, further supporting the potential for a price reversal.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
