Decision reversed: SEC needs more time to decide on Grayscale’s ETF, merging XRP with BTC & two other assets.
Ripple’s native crypto XRP is back trading in a very narrow price range. In spite of many crypto market observers setting their marks on double digits, a new hurdle has pushed the bullish narrative a few steps back.
Legal Scrutiny Piling Up For Ripple
Even though Ripple supporters are awaiting results from 11 different XRP standalone ETFs, these exchange-traded fund products could see further regulatory obstacles like in Grayscale’s case. Fueling the regulatory uncertainty, the SEC backed off the initial approval of Grayscale’s Digital Large Car Fund (GDLC) conversion into a publicly traded ETF.
Yesterday evening, the United States Securities and Exchange Commission (SEC) addressed Grayscale’s mixed crypto ETF submission, placing it upon further review. Naturally, the dragging of Ripple vs. SEC case could have played a key part in this decision, as Ripple & SEC are yet to get an indicative ruling despite finding a mutual solution to the case.
XRP Price Caged In Narrow Range
Besides Ripple (XRP), the Grayscale mixed crypto fund holds Solana (SOL) & Cardano (ADA). While the lion’s share of 80.8% is reserved for the flagship crypto Bitcoin (BTC), Ripple (XRP) takes up 4.63% of this cumulative investment vehicle, while Solana gets 2.75% & ADA 0.75%.
With this pushback, Ripple’s XRP coin retracted most of the previous day’s gains. Trading at $2.24, XRP’s price still holds the long-term support box, trading in a narrow range between $2.22 to $2.30 for 24 hours. Surely, price levels below $2.55 since mid May are mirroring the regulatory stall, leaving both institutional XRP investors & retail crypto enthusiasts in the dark.
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