After significant growth since November, the XRP price is again seeing positive momentum. The latest action came after a major institution filed for multiple XRP ETF products, prompting speculation over institutional interest.
On Friday, February 7, Ripple (XRP) was up 7%, reaching a daily high of $2.53 after significant ETF news. In particular, the Cboe BZX Exchange filed four separate 19b-4 applications for spot XRP ETFs the previous day.
These applications were for major ETF players Bitwise, WisdomTree, 21Shares, and Canary Capital.
A 19b-4 form is a formal request by a stock exchange to change its listing rules. In this case, the Cboe BZX Exchange requested the SEC’s approval to change its rules to list XRP ETFs. Once the agency acknowledges receiving the 19b-4 forms, it has 240 days to decide on the ETF approval or ask for additional clarifications.
Investors hope these filings will make it easier for institutions to invest in XRP, bringing in more capital. Following the approval news, XRP’s daily trading volume rose 12.23% to $8.97 billion, as per Coinmarketcap.
What Happens Next for XRP?
The move is part of a broader institutional push for XRP ETFs. For instance, Bitwise, which already offers Bitcoin and Ethereum ETFs, filed for an XRP ETF in October 2024. Following it, WisdomTree, Canary Capital, and the European-based 21Shares also filed for their XRP ETF funds.
The latest filing does not guarantee that the SEC will approve XRP ETFs. However, it is a sign of growing institutional interest in the token. This is particularly significant for XRP, which has been involved in a prolonged legal battle with the SEC. However, recent political changes in the US indicate that this battle may soon be over.
After the newly elected US President Donald Trump took office, the regulatory stance on crypto assets changed. One of these signs is the departure of the former SEC Chair Gary Gensler. With Gensler’s departure, XRP may remove a major hurdle for its growth.
Thanks to markets anticipating this move, XRP’s price has risen over 350% since November. This made it the third-largest crypto asset by market cap. A potential ETF approval will add legitimacy to XRP with institutional investors, further strengthening the token.
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