The symmetrical triangle lower boundary line could provide support to initiate a bounce for XRP to tackle the $2.72 resistance. A firm extended decline below the triangle's support could signal a breakdown that could send XRP toward the $1.96 level if the support at $2.17 fails.

Grayscale XRP ETF may soon be acknowledged by SEC, impacting crypto markets, amid ongoing legal battles over XRP's status.

According to new reports, the U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of an application for a Bitwise spot XRP Exchange-Traded Fund (ETF). According to earlier reports,

The SEC acknowledged Grayscale's filing to convert its XRP Trust to an ETF. XRP ETFs could be approved considering the new SEC administration's regulatory reforms. XRP could rally to $3.15 if it validates a rounded bottom pattern and its technical indicators flip to bullish momentum.

It is the lowest prediction of the four filings reviewed by the Bloomberg ETF analysts. Litecoin (LTC) led with approval odds of 90%, followed by Dogecoin (DOGE) at 75%, and in third place, Solana (SOL) at 70%.

The Securities and Exchanges Commission acknowledged a filing by the New York Stock Exchange and Grayscale for an XRP ETF on Thursday.

The SEC has officially acknowledged Grayscale’s proposal to convert its XRP Trust into an exchange-traded fund (ETF), a major step in XRP’s regulatory journey. While this doesn’t guarantee approval, it shows there’s more and more recognition of XRP in traditional finance.

XRP was giving up some of its recent gains on Monday, but the cryptocurrency has still gotten a sizable boost from speculation that the Securities and Exchange Commission could approve an exchange-traded fund tracking its price.