XRP News: MEMX Files for SEC Approval to List 21Shares XRP ETF as Commodity Trust

MEMX, a US-based securities exchange, has submitted a request to the Securities and Exchange Commission (SEC) seeking approval to list a new XRP-based exchange-traded fund (ETF) classified as a 'Commodity-Based Trust.' This move aligns with the growing trend of crypto-related financial products in the U.S., indicating a potential expansion of XRP's presence in the market alongside Bitcoin and Ether.

MEMX Files for SEC Approval to List 21Shares XRP ETF as Commodity Trust

MEMX, a US-based securities exchange, has filed a request with the Securities and Exchange Commission (SEC) for approval to list a new XRP-based exchange-traded fund (ETF). The ETF would be classified as a “Commodity-Based Trust,” similar to spot Bitcoin and Ether ETFs. This reflects a broader trend of crypto-related financial products gaining traction in the U.S. As XRP aims to join Bitcoin and Ether, the regulatory landscape continues to evolve.

XRP on Edge: Is a Historic Price Surge Imminent?

XRP is poised for a potential breakout after trading between $2.30 and $2.50 for two weeks, suggesting a new phase of price discovery. Analysts forecast significant price jumps, targeting $5.85 and $8.76, representing increases of 129% and 243%, respectively. With key support at $1.88 and $2.33, and resistances at $2.66 and $3.12, breaking these levels could push XRP beyond its previous high of $3.40. The possible approval of a Grayscale XRP ETF by the US SEC, coupled with favorable regulatory shifts, could be a major boost for XRP. Despite past SEC challenges, XRP remains strong at $2.55, poised to seize historic opportunities driven by market dynamics.

XRP Faces Critical Support Test as Bitcoin Dominance Rises

XRP, currently under pressure with its $2.40 support level facing a critical test, has struggled in recent weeks. Despite an 8% price surge, its rally appears fragile due to Bitcoin's increasing market dominance and lack of retail FOMO. Whale investors have been actively accumulating XRP, but concerns remain over whether it can maintain its support or face further declines.

Market Optimism Surrounding Potential XRP ETF Approval in 2025

There is growing Optimism in the market regarding the potential approval of an XRP spot ETF in 2025, despite cautious analyst predictions. Polymarket, a prediction platform, shows a 78% chance of SEC approval, indicating strong market confidence. This optimism is further fueled by increasing institutional interest and the SEC's previous approval of Bitcoin and Ethereum spot ETFs.