XRP News Today: SEC Approves Grayscale ETF Including XRP, Boosts Crypto Market

The U.S. Securities and Exchange Commission (SEC) has officially approved a new ETF by Grayscale that includes some of the biggest cryptocurrencies: Bitcoin, Ethereum, Solana, Cardano, and XRP. This new product is set to become the largest multi-token digital asset ETF in the world. This is a major step forward and could soon open doors for individual spot ETFs for XRP, Solana, and Cardano. Spot ETFs directly track the real-time price of a cryptocurrency, and their approval is considered a huge deal for any coin.

Since the ETF approval news, XRP’s price has shown some action. On the charts, XRP recently broke above a key resistance level between $2.19 to $2.20, but is now trying to hold above this range to confirm new support. If XRP can stay above this level, it may aim for the next resistance at $2.25, with a possible wick towards $2.32 to $2.35, an area where strong resistance is expected. If it fails to hold above $2.19, however, the price might drop back to around $2.10 to $2.05. At the moment, XRP’s price trend looks neutral, moving sideways without strong momentum.

Analyst Casi Trades said, “After reaching $2.30 resistance, price wasn’t able to hold the $2.25 support level. Instead, it’s now pulling back to retest the top of the consolidation, ~$2.18 to $2.16. This isn’t a breakdown (yet), but this test matters.” If the price manages to stay above this zone and reclaim $2.25, it could spark a rally toward $2.69 and higher. Early signs of seller weakness are already showing on smaller timeframes, showing this pullback might be temporary. However, if $2.16 breaks, the price risks dropping to the next support around $1.90.

The approval of Grayscale's Digital Large Cap Fund into an exchange-traded fund (ETF) marks the beginning of what is being referred to as the "crypto ETF summer." This decision comes after the regulator acknowledged Grayscale's amended S-3 registration on the cusp of the highly anticipated decision, with the final approval deadline set for July 2. The approval of this ETF is significant for several reasons. Firstly, it represents a major shift in regulatory sentiment towards cryptocurrencies, particularly XRP. Secondly, it opens the door for various single-token ETF proposals in the U.S. for XRP, Solana (SOL), and other tokens. According to analysts' forecasts, these products are overwhelmingly expected to be approved in the second half of the year. This approval also follows the launch of the first spot-based XRP ETF in North America by Purpose Investments on the Toronto Stock Exchange (TSX) in June. For now, there are only spot-based ETFs that track Bitcoin and Ethereum. In January, the SEC also approved Bitwise's product that combines the two largest cryptocurrencies.

The approval of the ETF has sparked optimism among investors, with early signs of seller weakness already evident. If the price of XRP manages to stay above the support zone and reclaim $2.25, it could spark a rally toward $2.69 and higher. The price of XRP is currently on the verge of extending its downtrend toward support at $2.06, tested on Friday. A break below the immediate 50-week Exponential Moving Average could signal further downside pressure. However, the approval of the ETF and the positive regulatory sentiment could provide a much-needed boost to the price of XRP.

The approval of the ETF also has implications for the broader crypto market. It marks the first multi-crypto basket index to trade as an ETF, clearing the way for spot trading of Solana, XRP, and Cardano. This could lead to increased liquidity and investment in these cryptocurrencies, further boosting their prices. The approval of the ETF also comes at a time when the crypto market has stopped caring about the outcome of the Ripple SEC case. Lawyer Bill Morgan argues that the 4-year case has lost its power, with recent news overshadowing its significance. This could further boost investor confidence in XRP and other cryptocurrencies.