XRP has made its way into an index-based crypto ETF, filed by Donald Trump’s Truth Social. This provides a bullish outlook for the altcoin, which has already recorded significant gains since the filing.
XRP Among Coins In Trump’s Truth Social ‘Crypto Blue Chip ETF’
Trump’s Truth Social filed for a Crypto Blue Chip ETF, which will contain XRP. The altcoin is one of the five coins that the fund will hold, alongside Bitcoin, Ethereum, Solana, and Cronos. This is significant as the ETF is another spot fund that could provide investors direct exposure to XRP.
According to the filing, the fund will hold approximately 2% XRP, which is the lowest among the five coins. This development follows the SEC’s approval of Grayscale’s Digital Large Cap fund, another index-based crypto ETF, which contains XRP. Commenting on what this filing means for XRP, community member Pumpius remarked that the “most suppressed, underestimated asset might be going institutional.”
He further stated that President Trump is creating a gateway for Wall Street and Main Street to invest in XRP. Based on this, Pumpius declared that the game has changed for the altcoin after years of ridicule, through the Ripple SEC lawsuit. He claimed that this move is a validation for the altcoin.
Since Truth Social’s filing, the XRP price has surged, breaking the $2.30 resistance level in the process. Crypto analyst CasiTrades noted that momentum was building for XRP, with fundamentals such as the Truth Social filing contributing to the bullish sentiment. With the break above the $2.30 resistance level, she predicts that the altcoin could head straight to $2.69. She also mentioned that XRP could reach as high as $3.04, which is also a major Fibonacci level.
Other XRP ETFs On The Horizon
XRP could also receive a major boost with the other XRP ETFs, which could launch this month. Crypto influencer Nick drew the community’s attention to ProShares futures ETFs, which are pending SEC approval. The Commission is expected to decide on these funds by July 14, with an approval likely, given the Commission’s current crypto-friendly approach.
ProShares has filed for an Ultra ETF, a Short ETF, and an Ultra Short ETF, which would all provide indirect exposure to XRP. The Ultra XRP ETF has just recently been listed on the Depository Trust and Clearing Corporation (DTCC). This has further raised hopes of approval for the fund.
Turtle Capital 2xLong XRP Daily Target ETF is also in focus as the asset manager’s filing will become effective this month. Meanwhile, Volatility Shares has filed for XRP and 2x XRP ETFs, which could begin trading this month.
At the time of writing, the XRP price is trading at around $2.42, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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