XRP News Today: Grayscale’s SEC-approved ETF includes XRP, boosting its legitimacy and driving 5.7% weekly gain

The U.S. Securities and Exchange Commission (SEC) has officially approved Grayscale’s application to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), marking a significant milestone for crypto ETFs in the U.S. This approval is notable because it includes XRP, a first for a regulated crypto ETF in the country.

This development legitimizes XRP in the eyes of institutional investors, reinforcing its status as a core asset in the crypto space. Through GDLC’s ETF wrapper, institutional and retail investors can now gain indirect exposure to XRP without needing to hold or custody the token themselves. This lowers the barrier to entry and may drive new capital into XRP markets.

XRP has been under regulatory scrutiny since 2020 due to the SEC’s lawsuit against Ripple Labs. Its inclusion in a spot ETF signals a turning tide in regulatory perception. This move could influence the approval of other XRP-related financial products in the future.

XRP is currently trading between $2.17 and $2.35. It has been on a positive trend lately. In the past week, its price saw a rise of about 5.7%. Over the past month, it climbed by nearly 7.9%. If XRP can break through the nearest resistance level of $2.43, it might aim for the $2.60 mark, which would mean a potential growth of more than ten percent from its current range.

Overall, XRP appears to have a promising outlook, with support levels not too far below, suggesting a strong market interest. The recent price increase and current momentum indicate a healthy interest from investors.

The inclusion of XRP in Grayscale’s SEC-approved ETF signals institutional validation and increasing regulatory acceptance for XRP, setting the stage for expanded investment and ecosystem growth. As analysts watch for price movements and traders weigh entry points, the significance of such developments continues to be understood, amplified, and placed in the right context.