The U.S. SEC has recognized another XRP ETF filing, bringing the product one step closer to approval.
On Friday, the regulatory agency acknowledged the XRP ETF application from asset manager 21Shares. This comes just a day after it recognized Grayscale’s XRP ETF application.
This development has sparked significant excitement within the XRP community, as many see it as a sign that approval is imminent. With the latest acknowledgment, the SEC still has three other Form 19b-4 XRP ETF applications to consider.
Notably, Cboe BZX Exchange filed 19b-4 forms for the XRP ETFs of Bitwise, Canary, 21Shares, and WisdomTree seven days ago. Since the SEC has now acknowledged one of these filings, the crypto community may see similar recognition for the other three next week.
What’s Next for XRP ETFs?
Notably, the SEC’s acknowledgment of the XRP ETFs from Grayscale and 21Shares does not equate to automatic approval, nor does it guarantee that the SEC will approve them in the future.
Nevertheless, this development is significant because it signals the SEC’s willingness to consider these products rather than outright rejecting them. Recall that in December, exchanges withdrew their Solana 19b-4 applications after the Gary Gensler-led SEC indicated it would not engage with them.
Under the Mark Uyeda-led SEC, this new acknowledgment essentially gives the XRP ETFs a shot at approval. This opens the path for them to compete with existing Bitcoin and Ethereum products.
Following the SEC’s acknowledgment, a 240-day window—roughly eight months—now begins. Specifically, the 240-day timeline for a decision on the Grayscale and 21Shares XRP ETFs will start once the filings are posted to the Federal Register, which is expected to happen in the next few days, according to FOX Business correspondent Eleanor Terrett.
Essentially, the XRP community could be looking out for a decision on XRP ETFs in the last quarter of the year.
XRP Price Reacts
The market price of XRP has reflected the community’s optimism surrounding the SEC’s back-to-back recognition of XRP ETFs.
Specifically, XRP is trading at $2.76 today, reflecting an 8% gain in the last 24 hours. This intraday gain has boosted XRP’s weekly performance, showing a massive 17% increase.
