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Simon Chandler
Author
Simon Chandler
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The price of XRP has risen by 0.5% in the past 24 hours, climbing to $0.5197 as the cryptocurrency market suffers a 5% fall today.
XRP has gained support from the news that the SEC has formally acknowledged Grayscale’s filing to convert its Digital Large Cap Fund into an ETF.
This fund includes an allocation for XRP, meaning that if it won approval to become an exchange-traded fund, it would become the first ETF in the US to track the spot price of XRP.
This could be bullish for Ripple in the longer term, and could even pave the way for a dedicated XRP ETF.
SEC Acknowledges XRP ETF Proposal – Can Ripple Hit $100?
The SEC’s formal acknowledgement of Grayscale’s filing means that it’s now soliciting comments from interested parties, including other cryptocurrency firms
In other words, it has begun the process of considering Grayscale’s application, which would see its Digital Large Cap Fund – which is currently worth just over $540 million – become an ETF.
As of writing, the fund has 76.74% of its value in Bitcoin, 16.75% in Ethereum, 4.37% in Solana and 1.58% in XRP (with 0.56% also in Avalanche).
While XRP is very much a small player in the fund, an SEC approval of an ETF that tracks its price could be pivotal for the altcoin.
Namely, it could introduce a precedent that other institutions use to launch their own dedicated XRP ETFs, which would obviously have big ramifications for the coin’s price.
Whether Grayscale will be successful in its application is uncertain at this juncture, however, given the SEC’s long-standing classification of Solana as a security, and given its legal battle with Ripple.
Yet this could all change next week, when the US electorate decide who will be the next president.
Assuming a Trump victory, the US could end up seeing a much friendlier regulatory regime for crypto, which could open the floodgates to all sorts of ETFs.
The three or so days leading up to the election are likely to see the XRP price recover, with the coin regaining some momentum today after falls earlier in the week.
Its relative strength index has climbed from nearly 20 yesterday to just over 60 this morning, a sign of returning buyers.
As such, the XRP price could reach $0.53 by Tuesday, before rising to $0.60 in the days or weeks following a potential Trump victory.
New Presale Tokens to Rally Regardless of Election Result
Possibly the only issue with XRP is that, as with other alts, its fate seems to depend quite heavily on the forthcoming election, with a Harris victory potentially sending the entire market downwards.
However, some coins are likely to do well regardless of the next government, with presale tokens proving one big source of profits this year.
Such tokens often rally hard once they list, assuming they’ve generated enough interest during their sales, and can be a way to beat a bearish market.
And one of the more interesting presale coins right now is Flockerz (FLOCK) is a new ERC-20 token that has raised over $1.2 million since launching its sale last month.
What’s attracting investors to Flockerz is that it’s the first token in the market to include a vote-to-earn protocol, which rewards holders for voting on governance proposals.
Every major decision concerning its development will be go to its community, with the most active participants receiving the most rewards.
Holders of FLOCK will also be able to stake the token, earning themselves a regular passive income, in addition to voting rewards.
Given this combination, demand for FLOCK is likely to be high, with the coin having a capped supply of 12 billion.
Investors can join FLOCK’s presale by going to its official website, where they buy the coin at a price of $0.0059098.
The presale will have 50 stages, so the coin is in for a few more price rises before it begins to list.
But given its early success, it really has a good chance of rallying hard once exchanges begin adding it.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
