The SEC’s XRP Conundrum: Will They Ever Learn to Love the Little Ripple?

by

The SEC’s XRP Conundrum: Will They Ever Learn to Love the Little Ripple?
The SEC’s XRP Conundrum: Will They Ever Learn to Love the Little Ripple?

And so, the eternal dance continues. Franklin Templeton, that venerable institution of finance, has deigned to file an S-1 registration form with the SEC, a move that can only be described as a bold declaration of its intent to launch an XRP ETF. Ah, but what a tangled web we weave when we seek to entwine the sacred securities of the land with the, ahem, “unconventional” world of cryptocurrencies.

But wait, there’s more! Franklin Templeton joins the esteemed ranks of Bitwise, Grayscale, and WisdomTree, all of whom are vying to launch their own XRP ETFs. One wonders if the SEC is simply tired of being asked the same question over and over again: “Can we please, pretty please with a blockchain on top, have an XRP ETF already?”

And so, the XRP assets will be stored by Coinbase Custody, because who wouldn’t trust a company called “Coinbase” with their precious XRP? Meanwhile, Coinbase functions as the prime broker, because what could possibly go wrong with that? The fund’s net asset value will be determined by the CME CF XRP-Dollar Reference Rate, because who needs transparency when you have a fancy-sounding acronym?

The SEC, ever the diligent guardians of the financial universe, continues to review spot crypto ETFs, because one can never be too careful when it comes to the stability of the global financial system. And so, the review process drags on, like a never-ending nightmare, with multiple firms competing to launch their own XRP ETFs. Ah, but what’s a few hundred days when you’re waiting for the SEC to make up its mind?

But fear not, dear XRP enthusiasts, for the SEC’s indecision has not gone unnoticed. The price of XRP has increased by a whopping 8% in the first 24 hours following the ETF filing, because who doesn’t love a good pump? And now, the price stands at a respectable $2.19, showing a resilience that can only be described as… well, let’s just say it’s still above $2.04.

According to some wise crypto analyst (who shall remain nameless), XRP’s price potential for continued growth becomes stronger when it maintains a position above $2.04, while the next resistance points stand at $2.25 and $2.70. Ah, but what’s a little thing like a price target when you have the SEC’s review process to look forward to?

And so, the market participants carefully monitor the SEC’s review stage, because what could possibly go wrong with that? After all, the SEC has a reputation for being, shall we say, “prompt” in its decision-making process. Ah, but we have faith in the SEC, don’t we?

Read More

2025-03-12 06:29