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

$180 Oil Prices Imminent? Saudi Arabia Warns: Crisis to Last Until Late April, Oil Prices Will Break Historic Highs The continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th

Author TradingKey

7 hours ago

The continuous escalation of geopolitical conflicts in the Middle East is pushing global energy markets toward their most severe test in nearly 20 years.The Wall Street Journal reports th

Gold tumbles below $4,650 as inflation fears and liquidity squeeze weigh Gold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.

Author FXStreet

16 hours ago

Gold price (XAU/USD) remains under selling pressure near $4,640 during the early Asian session on Friday. The precious metal extends the decline as soaring crude oil and energy prices, driven by the escalating US-Israeli war with Iran, reignite inflation fears.

Bitcoin Drops Below $70,000 as Crypto Rally Fails to Materialize The crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s

Author TradingKey

Yesterday 10: 20

The crypto market experienced a significant pullback, Bitcoin (BTCUSD) fell below the key $70,000 mark during intraday trading, triggering short-term stop-loss orders and causing market s

Gold falls below $4,850 as Fed holds rates steady Gold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.

Author FXStreet

Yesterday 01: 59

Gold price (XAU/USD) faces some selling pressure near $4,830 during the early Asian session on Thursday.

WTI Crude Prices Capped at $100, Has the Rally Ended? How to Trade the Short Term? Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o

Author TradingKey

Mar 18, Wed

Today (March 18), WTI crude oil continued to exhibit significant short-term volatility, driven by a tug-of-war between headlines and data. Intraday, prices retreated from Tuesday's high o

Popular Symbols