XRP’s Promising Future: A New Chapter in Crypto ETFs
In a significant development for the cryptocurrency market, XRP has been included in an index-based cryptocurrency ETF filed by the entity behind Donald Trump’s Truth Social platform. This strategic move has already fueled a bullish sentiment around the altcoin, paving the way for potential growth and institutional acceptance.
XRP’s Role in Truth Social’s ‘Crypto Blue Chip ETF’
The filing of the ‘Crypto Blue Chip ETF’ by Truth Social marks a pivotal moment for XRP. This ETF aims to provide investors with direct exposure to some of the most prominent cryptocurrencies, including Bitcoin, Ethereum, Solana, Cronos, and notably, XRP. Although XRP constitutes only about 2% of the fund, its inclusion is a testament to its growing significance in the crypto space.
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This move comes in the wake of the SEC’s approval of Grayscale’s Digital Large Cap Fund, a similar index-based ETF that also features XRP. According to a prominent community member known as Pumpius, this filing represents a potential gateway for Wall Street and mainstream investors to embrace XRP. He described this development as a validation for XRP, especially following its legal challenges with the SEC.
Since the ETF announcement, XRP has experienced a price surge, breaking through the $2.30 resistance level. Crypto analyst CasiTrades highlighted that XRP’s fundamentals, such as the Truth Social filing, are driving positive momentum. She forecasts that XRP could reach $2.69, with the potential to rise as high as $3.04, aligning with a significant Fibonacci level.
Anticipating Further XRP ETFs
The excitement around XRP is further amplified by the possibility of additional ETFs featuring the altcoin. Notably, ProShares has submitted applications for futures ETFs that are pending SEC approval. With a decision expected by mid-July, optimism is high given the SEC’s increasingly crypto-friendly stance.
The ProShares filings include an Ultra ETF, a Short ETF, and an Ultra Short ETF, each designed to offer indirect exposure to XRP. The recent listing of the Ultra XRP ETF on the Depository Trust and Clearing Corporation (DTCC) has bolstered anticipation for its approval.
Moreover, Turtle Capital’s 2xLong XRP Daily Target ETF is on the radar as its filing is set to take effect soon. Meanwhile, Volatility Shares has proposed both XRP and 2x XRP ETFs, which could potentially commence trading in the coming weeks.
As of the latest update, XRP is trading at approximately $2.42, reflecting a 5% increase over the past 24 hours, according to CoinMarketCap data.
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