Quick overview

Live XRP/USD Chart

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Ripple (XRP) held above a crucial support level boosted by inflows in the crypto market. Optimism for the fourth-quarter approval of Exchange Traded Funds (ETFs) supports a breakout above the psychological $3 level.

The NASDAQ, NYSE Arca, and Cboe’s BZX exchange submitted 19b-4 forms to the US Securities and Exchange Commission (SEC) proposing modifications to the existing listing requirements for crypto ETFs. A surge in capital entering already-existing Ethereum (ETH) and Bitcoin (BTC) spot ETFs accompanied the July 30 filings. ,

XRP and Cardano (ADA) must have been trading on a designated contract market (DCM) for six months to meet the new listing requirements on September 20 and October 1, respectively.

The remittance token may be eligible for the expedited listing process, which would greatly raise the likelihood that the SEC will approve the ETF. Its legitimacy as an asset class could be strengthened and the bullish argument reinforced by exposure to alternative capital sources.

SEC is retaining over 90 crypto ETF proposals, creating a burdensome backlog. SEC has historically extended the ETF approval process to a maximum deadline of 240 days, which has significantly delayed new listings.

However, in light of the growing number of applications for crypto ETFs, the SEC could speed up the approval process with the proposed rule change. A three-condition listing criterion is the outcome of Cboe’s proposed rule changes for the NASDAQ, NYSE Arca, and BZX exchanges.

Bulls aim for a breakout above the psychological resistance at $3, but the price of XRP is still above the 100-day Exponential Moving Average (EMA) support at $2.8. The short-term bullish outlook is supported by a reversal of the Relative Strength Index (RSI) at 40 on the daily chart.