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

Gold Price Forecast: Will Gold Rise or Fall in the Short Term as Fed July Minutes Approach? As of the Asian session on August 19, gold prices (XAUUSD) maintained a weak rebound intraday, rising about 0.2% on the day to trade near $4,340. Earlier on Tuesday, gold prices fell near

Author TradingKey

10 hours ago

As of the Asian session on August 19, gold prices (XAUUSD) maintained a weak rebound intraday, rising about 0.2% on the day to trade near $4,340. Earlier on Tuesday, gold prices fell near

WTI rises to near $85.00 amid escalating US-Iran tensions West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $84.80 per barrel during the Asian hours on Wednesday.

Author FXStreet

17 hours ago

West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $84.80 per barrel during the Asian hours on Wednesday.

WTI consolidates below $84.50, two-week top as bullish bias remains amid Hormuz standoff West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.

Author FXStreet

Yesterday 10: 12

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.

Australian Dollar gains as US Dollar struggles amid fading Fed rate hike bets AUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).

Author FXStreet

Yesterday 01: 23

AUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).

Gold Price Forecast: Gold May Break $4,500 as Fed Rate-Hike Expectations Continue to Cool As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains

Author TradingKey

Aug 17, Mon

As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains

Popular Symbols