XRP News Today: Bulls Target $3.66 on ETF Optimism and Market Structure Hopes

SEC Approves Crypto ETF Listing Standards – Are the Floodgates About to Open

The SEC green-lit the Cboe, Nasdaq, and NYSE rule change request, permitting Commodity-Based Trust Shares to list and trade under a standardized framework. What does this mean for XRP traders?

SEC Approves Generic Listing Standards

The Generic Listing Standards (GLS) for Commodity-Based Shares include crypto-spot exchange-traded funds (ETFs). Crucially, the GLS removes the need for exchanges to request approvals for crypto ETFs that meet the outlined criteria. The approval means exchanges no longer need to file a 19-b form, which kickstarts the SEC review process, typically lasting the full 240 days.

Market Reactions and Analyst Views

Matt Hougan, Chief Investment Officer at Bitwise Invest, commented on the potential impact of the approval, stating:

“Here’s what happened when the SEC passed the ‘ETF Rule’ in late-2019, which created Generic Listing Standards for traditional ETFs: The pace of ETF launches rose from ~117/year to ~370/year. Expect the same kind of expansion if Generic Listing Standards come to crypto this fall.”

James Seyffart, Bloomberg Intelligence ETF analyst, echoed Hougan’s optimism, stating:

“WOW. The SEC has approved Generic Listing Standards for “Commodity Based Trust Shares,” aka include crypto ETPs. This is the crypto ETP framework we’ve been waiting for. Get ready for a wave of spot crypto ETP launches in coming weeks and months.”

The GLS could potentially expedite the launch of the Grayscale Digital Large Cap ETF (GDLC) and the Bitwise 10 Crypto Index ETF (BITW). Both are multi-crypto ETFs, including XRP. The SEC previously approved but issued stay orders, delaying their launches. While some ETFs received conditional approvals that remain stayed, others are still pending SEC decisions.

XRP-Spot ETFs on the Horizon

Crucially, the SEC may also approve the pending XRP-spot ETF applications, given the resolution of the SEC vs. Ripple case.

The US Court of Appeals approved Ripple and the SEC’s Joint Stipulation for Dismissal in August, ending the lengthy legal battle. The approval meant that the SEC formally dropped its appeal against Judge Torres’ Programmatic Sales of XRP ruling.

In 2023, Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test, classifying XRP as a non-security asset.

Amicus Curiae attorney John E. Deaton previously commented on the significance of the ruling for ETF issuers, stating:

“Fast forward to today: And XRP Spot ETFs are on their way to approval. Bottom line: As Judge Torres ruled, in part, due to XRP Holders intervening in the case as amici the Judge cited in her ruling: ‘XRP itself is not a security.’ Without that ruling, these Spot ETFs possibly never happen.”

Currently, 11 issuers have filed XRP ETF applications, ranging from pure spot to leveraged and futures. Of these, seven issuers have spot ETF filings pending an SEC decision. These include 21Shares, Bitwise, Canary Capital, CoinShares, Franklin Templeton, Grayscale, and WisdomTree. The final decision deadlines are between October 18 and 25, except for Franklin Templeton’s final deadline of November 14.

The approval and launch of the XRP-spot ETFs could be price catalysts, sending the token to new highs.

NovaDius Wealth Management President Nate Geraci warned against underestimating demand for XRP-spot ETFs, stating:

“People are severely underestimating investor demand for spot XRP & SOL ETFs. Just like they did w/ spot BTC & ETH ETFs.”

REX-Osprey XRP ETF Launch

On Thursday, September 18, the first US XRP ETF will launch, potentially providing traders a litmus test for an XRP-spot ETF market. The REX-Osprey XRP ETF (XRPR) has a hybrid investment strategy, investing in XRP, XRP ETFs, and XRP derivatives.

The GLS and the REX-Osprey XRP ETF launch mark a new era and complete the full reversal of the Biden administration and Chair Gensler’s anti-crypto campaign.

Price Action & Technical Analysis: Bulls Eye $3.2 and then $3.66

XRP climbed 1.53% on Wednesday, September 17, building on the previous day’s 1.29% gain, closing at $3.0838. The token outperformed the broader market (0.73%) and closed above the psychological $3 level. Traders are watching the following technical levels:

• Support: $3, $2.8, and $2.5.
• Resistance: $3.2, $3.335, and the all-time high at $3.66.

In the near term, several key events could drive price action:

• REX-Osprey XRP ETF launch and demand.
• Spot ETFs: Approval or delays of XRP-spot ETFs. A BlackRock (BLK) iShares XRP Trust application could be a price catalyst.
• Blue-chip companies’ positions on XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s US-chartered bank license application, Market Structure Bill-related developments, and SWIFT news may further influence demand.

Catalysts & Scenarios

The outlook hinges on corporate, macroeconomic, and regulatory events. Potential price scenarios include:

Bearish Scenario

• REX-Osprey XRP ETF reports weak inflows.
• SEC declines XRP-spot ETF applications.
• Legislative setbacks, such as Democratic Party members challenging the Market Structure Bill, or roadblocks to crypto-friendly regulations.
• Blue-chip companies avoid XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT maintains global dominance, capping Ripple’s market access.

These bearish events could push XRP below $3, exposing $2.8 and potentially $2.5, the next key support level.

Bullish Scenario

• REX-Osprey XRP ETF reports strong demand.
• BlackRock files for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
• Blue-chip companies adopt XRP as treasury reserve assets, and more payment platforms integrate Ripple technology.
• Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill.
• SWIFT loses market share of global remittances to Ripple.

These events could send XRP toward $3.2. A sustained move through $3.2 could pave the way toward $3.335. A break above $3.335 may bring the record high of $3.66 (Binance) into play.

Conclusion: Could GLS Approval Deliver New Highs?

Traders face a critical few weeks. Beyond the REX-Osprey launch, XRP-spot ETF approvals, and the Market Structure Bill passing the Senate could drive the token above $3.66.

However, regulatory setbacks and weak institutional demand may drag the token below $3, exposing $2.8.

For traders, the next few weeks could dictate whether the token breaks new highs or faces increased selling pressure from regulatory and market developments.

Analysts will closely monitor how regulatory and economic risks affect XRP’s trajectory in the coming weeks.