Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Play-Acting Becomes Reality! SEC Approves ProShares XRP ETF, But It's Not a Spot ETF

Source Tradingkey

TradingKey - The market mistakenly believes the SEC approved a spot ETF for XRP. As a result, XRP's price rose against the trend.

On Sunday night (April 27), news broke that the SEC approved three ProShares Ripple (XRP) ETFs. This confusion boosted XRP's price, which increased by 4% this morning. Meanwhile, Bitcoin (BTC) fell by nearly 2%.

XRP and BTC price trend chart, source: CoinMarketCap.

Note: The SEC-approved ProShares XRP ETFs are not spot ETFs. They are based on futures and leveraged/inverse products. The application process for these is simpler. If the SEC does not raise objections within a fixed time, it becomes effective.

Even though the SEC hasn't approved a real spot ETF for XRP, its price remains strong. This indicates market optimism. Additionally, May 22 is a key date for the SEC's response on whether to approve Grayscale's XRP spot ETF. Keep an eye on this!

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Crude Oil Price Forecast: US-Iran Conflict Escalates Again, Will Brent Continue to Rise After Breaking $90? The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel

Author TradingKey

14 hours ago

The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel

Gold Price Forecast: Can Gold Keep Rising as Fed Rate Hike Expectations Heat Up and US-Iran Conflict Escalates? As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida

Author TradingKey

14 hours ago

As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida

Today’s Market Recap: Escalating US-Iran Conflict Pushes Oil Past $90, Warsh's Hawkish Remarks Boost Fed Rate-Hike Expectations, August Nonfarm Payrolls in Focus This Week Tracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium

Author TradingKey

21 hours ago

Tracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium

Bitcoin Price Prediction: Fed Chair Warsh Makes Jackson Hole Debut, Can BTC Break $83,000?Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range

Author TradingKey

Aug 28, Fri

Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range

Silver Reclaims $70 to Hit Nearly Two-Month High as Monthly Gain Exceeds 20% On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching

Author TradingKey

Aug 28, Fri

On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching

Popular Symbols