SEC Acknowledges Bitwise Spot XRP ETF Filing as XRP Price Corrects Within Downsloping Trendline

During Tuesday’s U.S. trading session, the crypto market witnessed a surge in selling pressure along with Bitcoin breaking below $95,000.

After a period of relative calm, the crypto market experienced a wave of selling pressure during Tuesday’s U.S. trading session. Bitcoin fell below the crucial $95,000 level, triggering a bearish sentiment that quickly spread to the altcoin market. Among the major assets, XRP took a hit, plunging over 6%.

Despite the downturn, there was a positive development for the Ripple cryptocurrency. The U.S. Securities and Exchange Commission (SEC) acknowledged a filing for the Bitwise Spot XRP ETF. This marks a significant step in the regulatory process, as it initiates SEC’s formal review, which could extend up to 240 days.

Further insights from AlmightyPain, a prominent crypto commentator on X (formerly Twitter), provide additional context to the development. In his post, AlmightyPain highlights that the SEC acknowledged Grayscale’s 13f for an XRP ETF on February 13, 2025. This acknowledgment initiates a structured review period, which could conclude by mid-October 2025 at the latest.

The development comes as no surprise, given the growing interest in XRP-related exchange-traded funds. Several applications have been submitted to the SEC, each aiming to offer institutional investors a direct exposure to the XRP cryptocurrency. If approved, these ETFs would pave the way for increased liquidity and mainstream adoption of XRP.

Meanwhile, on the technical front, a downsloping trendline drives a correction trend in the XRP price on the daily chart. From the mid-January top of $3.36, the price witnessed a steady downturn to $2.52, registering a 25% loss.

A series of lower-high formations indicate the sell-the-bounce sentiment, which could lead the altcoin to 38.2% FIB at $2.3 and the $1.94 floor, projecting a potential loss of 22%.

However, the mentioned level coincides with the 50% FIB level, suggesting that the current retracement is still healthy for buyers to regain control.

With the growing momentum behind XRP-based exchange-traded funds, the altcoin could defend these key Fibonacci support and breach the overhead resistance trendline.

A potential breakout will surge the market buying pressure and support a rally past the $4 high.