Ripple CEO: XRP ETF Approval “Inevitable” – Analyzing Potential XRP Price Reaction

• The SEC has acknowledged Grayscale’s 19b-4 application for the spot XRP ETF. 
• The agency will now review filings from Bitwise, 21Shares, Canary Capital, and WisdomTree. 
• Brad Garlinghouse stated that the spot XRP ETF approval was “inevitable.”

The XRP token is in the spotlight as the United States Securities and Exchange Commission (SEC) acknowledged Grayscale’s application to convert its XRP Trust into a spot exchange-traded fund (ETF). 

Now, while this isn’t a done deal just yet, it’s definitely a noteworthy step forward. It hints at a more open approach from the agency toward crypto ETFs, as pointed out by FOX Business journalist Eleanor Terrett. 

According to a post on X (formerly Twitter), Terrett reminded everyone that previous attempts to launch similar products, like Solana (SOL) ETFs, ran into regulatory resistance under Gary Gensler’s SEC, ultimately leading to their withdrawal last December. 

However, this time feels a bit different. The SEC’s engagement with the XRP ETF application could just be a sign of a shift in stance, especially now that the US has welcomed its first pro-crypto administration on January 20th

If this application moves ahead, the next step would involve reviewing similar ETF filings from other asset managers, including names like Bitwise, 21Shares, Canary Capital, and WisdomTree. The 240-day countdown for Grayscale’s approval process will officially begin once the filing is published in the federal register.

Ripple CEO Garlinghouse Weighs In – “Inevitable,” He Says

Meanwhile, Ripple CEO, Brad Garlinghouse, chimed in on the development on X (formerly Twitter), remarking, “I recall pointing out – more than once – that this was inevitable. (despite some vocal assertions to the contrary!).

XRP Price Reacts Positively – Analysis

Following the ETF acknowledgment, XRP is currently trading at $2.56, a 3.67% price increase in the last 24 hours. Looking ahead, the next major resistance level sits at $3.00, while support is seen around $2.30.

Related: XRP Price “Ready to Roll”? Analyst’s Chart Sparks Debate Over $15 Target

The Relative Strength Index (RSI) sits at 46.26, which suggests neutral momentum. However, if you look at the gradient of the line, it hints that there is still room for further gains if buying activity increases.

Related: XRP Gets Serious About DeFi: IBC Integration Bridges to Cosmos & EVM

The Moving Average Convergence Divergence (MACD) indicator remains slightly bearish, with the MACD line (blue) hovering below the signal line. Still, to keep an eye on is the fact, any sustained price surge could lead to a bullish crossover, potentially signaling a bullish trend in the near future.