XRP experienced a notable spike of 5% after the U.S. Securities and Exchange Commission (SEC) formally acknowledged Grayscale Investments’ filing to convert its XRP Trust into a spot ETF. This milestone, disclosed by Bloomberg ETF analyst James Seyffart, indicates the start of a crucial formal review process, which could determine whether the ETF is approved for public listing.

Investors reacted positively to this acknowledgment, viewing it as a significant endorsement for XRP in the marketplace. Increased regulatory clarity around digital assets creates a favorable environment for XRP to flourish.

The initiation of this review process may catalyze broader interest in XRP, especially among institutional investors. A successful approval could enhance XRP’s credibility and position it favorably in investor portfolios. The cryptocurrency community eagerly anticipates further updates regarding this important development.

A surge in interest driven by the SEC’s acknowledgment could lead to more significant price movements for XRP. This moment stands to reshape the narrative surrounding XRP in light of potential future ETF opportunities.