News
  • ๏ปฟAnjali Belgaumkar
    author-profile

    ๏ปฟAnjali Belgaumkar right arrow

    Author

    Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โ€œEnthusiastโ€ but trust me I'm getting there.

    • author twitter
    • linkedin

  • 1 minute read

Crypto News: MEMX Seeks SEC Approval to List 21Shares XRP ETF

Story Highlights
  • MEMX files to launch the first XRP ETF, fueling hopes for major market rally amid growing institutional demand.

  • Grayscale joins the XRP ETF race as SEC reviews filings, sparking anticipation for a price surge in XRP.

MEMX, a U.S.-based securities exchange, has submitted a filing to the Securities and Exchange Commission (SEC) seeking approval to list an XRP exchange-traded fund (ETF). The proposed ETF will be structured as a โ€œCommodity-Based Trust,โ€ a model already used for Bitcoin and Ethereum ETFs.

This filing marks the latest move by a U.S. exchange to offer an ETF containing spot XRP, the native token of Rippleโ€™s XRP Ledger blockchain. The decision to file comes amid increasing interest in crypto ETFs and after a key legal ruling in favor of Ripple, which determined that XRP is not automatically considered a security.

Multiple exchanges are exploring opportunities to offer similar products The buzz around these ETFs is evident, with 15 different ETFs now vying for attention, each competing to secure approval for listing. With institutional demand rising, many believe the SECโ€™s approval of these ETFs could trigger massive buying activity, pushing XRPโ€™s value to new heights.

Grayscale, a digital asset firm, is working on launching a spot XRP ETF. On January 30, 2025, NYSE Arca filed a form with the SEC to list Grayscale’s XRP Trust as an ETF. This starts a 240-day review period, with a decision expected by mid-October 2025. The SEC acknowledged the application on February 14, 2025.

XRP Rally Soon?

As major players in the market, including whales, have been gobbling up millions of XRP over the past few months, the anticipation for the approval of XRP-based Exchange Traded Funds is heating up. With institutions increasingly eyeing XRP and the SEC’s Ripple case potentially nearing its conclusion, the sentiment surrounding XRP has never been stronger. Those in the digital assets space are preparing for what could be a historic run, with some expecting prices to break records and possibly challenge Bitcoin’s dominance.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Show More

Related Articles

Back to top button