The U.S. Securities and Exchange Commission (SEC) has officially acknowledged an application for an XRP exchange-traded fund (ETF) filed by 21Shares. This marks another step in the growing interest in XRP-based investment products.
With this development, speculation around XRP’s potential price surge has intensified. Some analysts believe an approved ETF could drive the token’s price to new highs, with projections reaching as much as $59 per XRP.
US SEC Reviews Another XRP ETF Application
The SEC’s acknowledgment of 21Shares’ filing adds to the list of pending XRP ETF applications. The firm submitted its application in early November, joining other asset managers seeking regulatory approval for an ETF tracking the performance of XRP.
On Thursday, the SEC also acknowledged an XRP ETF filing by Grayscale. ETF analyst Nate Geraci commented on the move, calling it an “enormous message” for the crypto investment market. Apart from Grayscale and 21Shares, other firms such as WisdomTree and Bitwise have also applied for spot XRP ETFs.
Earlier this month, Cboe BZX Exchange submitted regulatory filings to list shares of these products. Market analysts are closely watching the SEC’s next steps, as approvals of crypto-based ETFs have been increasing.
Ripple CEO Brad Garlinghouse had previously stated that an XRP ETF approval in the U.S. was “inevitable” despite ongoing legal challenges.
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