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

Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.

Author Beincrypto

Dec 17, 2024

Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.

Ethereum slides below $3,000 as sellers defend $3,020 and $2,880 becomes the key line Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.

Author Mitrade

Jan 21, Wed

Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.

Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000 Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Author Mitrade

Yesterday 06: 16

Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Gold moves away from record high as safe-haven demand fades on easing trade war concerns Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Author FXStreet

Yesterday 06: 57

Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Top 3 Price Forecast: BTC Shows Early Stabilization; ETH and XRP Still Look Heavy BTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.

Author Mitrade

8 hours ago

BTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.

Popular Symbols