SEC Approves Grayscale's XRP ETF Filing: A Positive Sign in the Crypto Market

The SEC has acknowledged Grayscale's filing for an XRP ETF, a significant development for the altcoin, especially amidst its ongoing legal battle with the regulator. Grayscale aims to convert its XRP Trust, currently holding $12.8 million in assets, into a Spot ETF. Other firms like Canary Fund and WisdomTree may also receive similar approvals. However, for trading to commence, the SEC must sign off on the S-1 registration statement, a process that could take up to 240 days.

The acceptance of the ETF filing has sparked discussions in the crypto community, with some viewing it as a positive sign of the SEC's evolving stance. Notably, this acknowledgment comes despite the ongoing litigation with Ripple, indicating a potential shift in regulatory attitudes, as previous applications for other altcoins faced rejection. Recent market sentiment has improved, with Polymarket indicating an 80% chance of XRP ETF approval in 2025.

Following this news, XRP saw a 15% price increase and is currently valued at $2.7, still 25% shy of its recent peak of $3.4. Analysts believe XRP could soon reach that $3 mark, which aligns with the upward trend observed since last December.