XRP Soars 10% as Six Major Firms File Updated Spot XRP ETF Proposals with SEC

XRP just blasted through resistance levels with a stunning 10% surge—and the catalyst couldn't be clearer.

Six heavyweight financial firms have simultaneously updated their spot XRP ETF proposals with the SEC, signaling serious institutional momentum.

The Regulatory Gambit

These aren't exploratory filings anymore. They're polished, precise proposals from established players who've clearly done their homework. Each submission tightens the case for XRP's legitimacy as an ETF-worthy asset.

Market Mechanics in Motion

Traders aren't waiting for approval—they're pricing in the possibility now. That 10% jump reflects pure anticipation of massive liquidity inflows if even one ETF gets the green light.

Wall Street's Latest Love Affair

Because nothing makes traditional finance embrace decentralization faster than the prospect of juicy management fees on a shiny new product. The SEC's inbox must be feeling decidedly crypto-curious these days.

This could finally be XRP's breakout moment from legal limbo to mainstream adoption—or just another tantalizing near-miss in finance's favorite regulatory dance.

TLDR

• XRP price surged 10% to $3.10 after six firms filed amendments for spot XRP ETFs.

• SEC’s response to spot XRP ETF filings shows increasing regulatory engagement.

• XRP’s price gains coincide with a broader crypto market rally and positive Fed signals.

• Market confidence is fueled by legal progress in Ripple’s lawsuit and ETF filing updates.

XRP has seen a significant price surge, gaining 10% to reach $3.10, as the broader cryptocurrency market rallies in response to Federal Reserve Chair Jerome Powell’s comments at the Jackson Hole symposium. Powell’s hint at a possible interest rate cut in September spurred optimism in risk assets, including cryptocurrencies. XRP’s rally was further bolstered by the simultaneous filing updates for spot XRP exchange-traded funds (ETFs) by six major asset managers, including Grayscale, Bitwise, and WisdomTree.

The filing updates signal a coordinated effort to push for SEC approval of ETFs directly holding XRP. This is seen as a crucial development in the market’s pursuit of institutional-grade products that could bring greater liquidity and legitimacy to XRP. Although the SEC has yet to approve a spot XRP ETF, the filings reflect active discussions between issuers and regulators, suggesting that approval could be on the horizon.

Six Firms File Amendments for Spot XRP ETFs with SEC

On Friday, six major asset management firms—Grayscale, Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree—submitted amended registration statements for their proposed spot XRP ETFs.

These amendments aim to address concerns raised by the SEC during previous reviews, including changes to the structure of the funds for XRP or cash creations and cash or in-kind redemptions. The updates are seen as a positive step toward gaining SEC approval.

The filings represent a growing desire among institutional players to include XRP in exchange-traded funds, which would make the cryptocurrency more accessible to a broader range of investors. XRP’s price surge to $3.10 is likely a reflection of the increasing optimism surrounding these filings, as investors anticipate that the SEC will approve these products in the near future.

Ripple’s Legal Progress Contributing to XRP Price Momentum

In addition to the ETF filings, XRP’s recent price surge can be attributed to the ongoing legal progress in the long-running lawsuit between Ripple Labs and the SEC.

Earlier in the week, the U.S. Court of Appeals for the Second Circuit approved the joint motion to dismiss appeals in the case, pushing the legal battle closer to a resolution. This development has provided further confidence to XRP investors, leading to the recent uptick in price.

Concurrently, the recent rally in XRP also mirrors a broader upward trend in the cryptocurrency market, driven in part by Powell’s comments about potential interest rate cuts and the growing institutional interest in ethereum and Bitcoin. Ethereum, in particular, reached a new all-time high, surpassing $4,887, while XRP’s gains further reflect the bullish sentiment that has taken hold in the market.

Bull Flag Pattern Set to Propel XRP Price to New Heights

Dark Defender has highlighted a Bull Flag scenario that XRP could be entering, similar to the pattern seen in November 2024.

In that instance, XRP appreciated from $1.13 to $2.40. Now, XRP is reportedly poised to repeat this pattern and may be targeting price levels between $3.00 and $5.85.

The Bull Flag formation suggests that XRP has the potential for a substantial price MOVE if it continues its current momentum. The immediate support levels are now at $3.00 and $2.85, with the next resistance target identified around $4.39 to $5.85. This pattern indicates strong bullish sentiment in the market, as traders anticipate further price growth.