Bitwise has filed for a spot XRP ETF, marking the third approval from the SEC following Grayscale and 21Shares. This positive move for Ripple coincides with the ongoing lawsuit against the SEC, leading to speculation about its potential dismissal. The news comes as XRP maintains its post-US election gains, with a 416% increase since last November. Despite a decline in sell pressure, the altcoin's momentum remains neutral in the short term, with any extended bearish pressure potentially dragging it to the $2 support zone.
Bitwise’s spot XRP ETF 19b-4 filing. This was the third filing signed off by the regulator after the Grayscale and 21Shares applications.
At the time of writing, only Canary Funds and Wisdom Tree submissions were yet to be greenlighted by the agency. However, the move by the new SEC has been viewed as positive for Ripple and its ongoing lawsuit.In a recent podcast, Bloomberg ETF analyst Eric Balchunas, quoting Scott Johnson, stated that the update was positive. He speculated that the updates could signal the likely dismissal of Ripple’s lawsuit.
‘Scott Johnson thought this was a direct sign that they would have to rescind these lawsuits. You can’t approve it if you see it as a security.”was among the top altcoins that have managed to hold onto its post-US election gain despite the weaker market sentiment. It has been up 416% since last November and was valued at $2.5 at press time.Over the same period, the Exchange Supply Ratio declined from over 0.032 to 0.028. The metric gauges exchange supply and, by extension, sell pressure.
The downtrend suggested that overall XRP sell pressure was low, perhaps explaining how the altcoin has held its post-election gains. However, the altcoin has stayed around the lower range of its ascending channel for a while. Any extended bearish pressure and BTC dump could drag it to the $2 support zone.Besides, there wasn’t strong bullish momentum per the directional index indicator, and the daily RSI fluctuated near the neutral level. This reinforced neutral or weak momentum for XRP in the short term.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.
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