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

Bitcoin Briefly Falls Below $76,000: Will Powell Staying on Board Curb Rally? Fed maintains interest rates, Bitcoin price falls below $76,000 as Powell's stay may hinder rebound.On April 30 (GMT+8), Bitcoin ( BTC) narrowed its losses and returned above $76,000, cur

Author TradingKey

11 hours ago

Fed maintains interest rates, Bitcoin price falls below $76,000 as Powell's stay may hinder rebound.On April 30 (GMT+8), Bitcoin ( BTC) narrowed its losses and returned above $76,000, cur

Brent Oil Breaks Through $120 Mark, Strait of Hormuz Deadlock Continues to Ferment, How Will Trump’s Choice Sway Oil Price Direction?Hopes for a resolution to the U.S.-Iran deadlock are fading, and the oil price rally continued during the Asian session. On Thursday, dampened by pessimistic news regarding peace talks, B

Author TradingKey

14 hours ago

Hopes for a resolution to the U.S.-Iran deadlock are fading, and the oil price rally continued during the Asian session. On Thursday, dampened by pessimistic news regarding peace talks, B

Today’s Market Recap: Fed Dissent and AI Capex Surges Define Volatile Earnings Week The S&P 500 edged down 0.04% to 7,135.95, while the Nasdaq Composite gained a modest 0.04% to reach 24,673.24. Meanwhile, the Dow Jones Industrial Average declined 0

Author TradingKey

20 hours ago

The S&P 500 edged down 0.04% to 7,135.95, while the Nasdaq Composite gained a modest 0.04% to reach 24,673.24. Meanwhile, the Dow Jones Industrial Average declined 0

Goldman Sachs: Structurally Bullish on Gold to $5,400, But Warns of Short-Term Pullback Goldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end

Author TradingKey

Yesterday 10: 13

Goldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end

UAE Announces Exit From OPEC. Wall Street Warns: Medium-Term Oil Prices Face Downside Risks The United Arab Emirates (UAE) has officially announced that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance on May 1.Bl

Author TradingKey

Yesterday 06: 15

The United Arab Emirates (UAE) has officially announced that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance on May 1.Bl

Popular Symbols