Ah, the grand stage of the U.S. Securities and Exchange Commission, where dreams of wealth dance like shadows in the moonlight! It is whispered that on the fateful day of February 13, the SEC may finally acknowledge Grayscale Investments’ audacious plea to transform its humble XRP Trust into a dazzling spot exchange-traded fund. 🎩✨
This delightful anticipation springs from the SEC’s customary 15-day window to respond to a 19b-4 filing, which Grayscale, in its infinite wisdom, submitted on January 30. Eleanor Terrett, the oracle of financial tidings, has spoken! 📅
Grayscale, with its eyes gleaming like a child in a candy store, seeks to metamorphose its existing XRP Trust—currently managing a modest $16.1 million in assets—into an ETF that will grace the illustrious New York Stock Exchange. Imagine the thrill of trading shares of this fund, granting mere mortals exposure to XRP without the burdensome chains of direct cryptocurrency ownership! 🤑
But lo! The SEC’s impending decision could unveil the agency’s true feelings about XRP, especially considering its tumultuous history with Ripple, the enigmatic entity behind XRP. A federal court has already declared that XRP is not a security when traded on secondary markets. Will this ruling sway the SEC’s judgment on related financial products? Only time will tell! ⏳
High likelihood of approval
In the realm of speculation, Polymarket bettors are placing their bets with an 81% probability that the SEC will indeed bless a spot XRP ETF this year. But beware! The outcome of Ripple’s ongoing legal saga with the SEC looms large over this optimistic forecast. 🎲
Meanwhile, XRP’s price has taken a nosedive, plummeting nearly 30% from its January zenith, as it enters the bear market—a place where dreams go to hibernate, and daily trading volume and futures open interest dwindle like autumn leaves. 🍂
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2025-02-12 17:47