Xpring Could Be on the Verge of a Bullish Rally. This Comes as Grayscale

This comes as Grayscale, a major digital asset management firm, filed for a spot XRP exchange-traded fund (ETF) with the New York Stock Exchange (NYSE) Arca.

Major digital asset management firm Grayscale has filed for a spot XRP exchange-traded fund (ETF) with the New York Stock Exchange (NYSE) Arca.

According to a 19b-4 filing by the NYSE Arca on behalf of Grayscale, the goal is to convert Grayscale's XRP Trust into a spot ETF.

However, FOX Business journalist Eleanor Terrett stated that more XRP ETF applications from various issuers are expected to be seen next week. An influx of such ETPs could put the altcoin at higher valuations in the near future.

“Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week.”

The NYSE Arca filing also states that Grayscale believes that the XRP ETF “would provide other investors with a way to invest in XRP on a regulated national securities exchange.”

Many firms, including Bitwise, Canary Capital, 21Shares, WisdomTree, and CoinShares, have already submitted filings for the approval of a spot XRP ETF in the US.

On the other hand, in Canada, Purpose Investments Inc., the pioneer of Bitcoin and ETH ETFs around the world, filed a preliminary prospectus with Canadian authorities. They propose to launch the Purpose Ripple ETF.

XRP Price Analysis

As per CoinMarketCap data, XRP is currently trading at $3.08. It's up 1.17% in the past 24 hours but failed to break above the $3.15 price level.

The nearest support for the altcoin is at $2.90. It has held above that region successfully despite the market correction.

The price action is in the bullish region of the Bollinger Bands. But the bears are trying to make an entry into the bearish region. A bounce from $2.90 can be expected in the near future.

Also, the RSI is at 60.23, confirming that the buyers are currently in charge of the XRP price action. The gradient of the line, however, suggests a slight correction in the short term.

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