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Cryptocurrency News Articles

Ripple (XRP) Price Jumps 12% as SEC Acknowledges Grayscale's ETF Filing

Feb 14, 2025 at 09:38 pm

On 14th February, Ripple XRP prices surged by over 12% to £2.17 ($2.73) after the US Securities and Exchange Commission (SEC) officially acknowledged

Ripple (XRP) Price Jumps 12% as SEC Acknowledges Grayscale's ETF Filing

After the US Securities and Exchange Commission (SEC) officially announced Grayscale's 19b-4 filings to convert its XRP Trust into a spot XRP exchange-traded product (ETP) for listing on the NYSE Arca, Ripple (XRP) prices surged by over 12% on 14th February, rising to £2.17 ($2.73).

The XRP Trust, one of the world's largest XRP investment funds, has assets under management valued at £12.8 million ($16.1 million). Converting the XRP trust to an ETP would increase liquidity and accessibility, potentially boosting investors' demand for XRP tokens.

XRP prices remained stable, trading around the £2.03 ($2.55) mark following the SEC's announcement. It's important to note that the SEC acknowledgment does not automatically approve or guarantee the approval of an XRP exchange-traded fund (ETF) by the regulator in the near term.

However, the acknowledgment is significant, especially considering that the agency had previously declined to entertain altcoin ETF applications under former Chair Gary Gensler. The SEC's refusal to engage in ETF discussions led to the earlier withdrawal of several applications, including the proposed Solana ETF.

Following yesterday's decision, the ETF filing will be published in the Federal Register, opening a 21-day window for the public to submit comments and feedback. After this period, the SEC will assess the response and decide whether to approve, reject, or extend its review of the ETF application, which could last up to 240 days.

In a separate announcement on the same day, shortly after the XRP ETF was acknowledged, the SEC announced in another release that it had also officially recognized Grayscale's Dogecoin ETF filing. The announcement drove Dogecoin prices up to £0.21.

Other institutions, including Bitwise Invest, Canary Funds, and WisdomTree Funds, have also filed for XRP ETFs. However, the SEC has yet to formally acknowledge these applications.

The custodian for the XRP ETF, if approved, will be the Coinbase Custody Trust Company, while administrative operations will be handled by BNY Mellon.

The Grayscale XRP Trust will track XRP prices through the CoinDesk XRP Price Index (XRX), calculated at 4:00 p.m. New York time on each business day.

To minimize risks of price manipulation, the trust will obtain XRP prices from "US-Compliant Trading Platforms" that adhere to regulatory standards, including stringent anti-money laundering and know-your-customer requirements.

The 19b-4 filing also proposed a creation and redemption mechanism where authorized participants will trade in cash instead of directly handling XRP to provide a regulated path for institutional investors while ensuring a level of operational security.

These major developments in the cryptocurrency industry can be largely attributed to President Donald Trump's swift actions in setting up a crypto task force and appointing officials who support cryptocurrencies to lead and steer the SEC towards mass crypto adoption.

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