TL;DR
- XRP jumps 10%, reclaiming its place as the third-largest cryptocurrency, leaving Tether (USDT) behind.
- The surge follows the SEC’s recognition of Grayscale’s XRP Trust ETF application, but approval is not guaranteed yet.
XRP: The Comeback Kid Strikes Again đŻ
The crypto market has been relatively quiet, with most digital assets either gaining slightly or holding steady (as of February 13). But, as always, Ripple‘s XRP decided to shake things up with a 10% increase! Now trading at $2.68 (according to CoinGecko), XRP’s market cap has skyrocketed to over $152 billion, making it the third-largest cryptocurrency once more.
What’s driving this rally? Many believe it’s the SEC’s decision to acknowledge Grayscale’s XRP Trust ETF application. Although this doesn’t guarantee a thumbs-up, it’s a significant step forward. The review process could take up to 240 days, and the SEC will scrutinize the application before making a final call.
If approved, the ETF will offer investors more ways to gain XRP exposure without buying, storing, or managing the asset directly. This could lure more people into the ecosystem and boost the price in the long run. Ripple’s CEO, Brad Garlinghouse, has previously stated that such a development was “inevitable.”
SEC’s Move: Ripple Effects on the Legal Battle? đ€
The SEC’s recognition has sparked a wave of excitement among the XRP Army. Some think the XRP ETF approval is just around the corner, while others speculate that the SEC’s positive stance might influence the legal front. XRPcryptowolf, a popular XRP advocate, even suggested that the SEC wouldn’t have acknowledged the ETF application unless they were planning to drop the XRP case.
For those new to the party, Ripple’s legal battle with the SEC started in December 2020. Ripple has secured some partial court victories, and the recent leadership change at the SEC might tip the scales in their favor. However, it’s essential to remember that the case’s complexity calls for realistic expectations.
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2025-02-14 11:45