XRP ETF Race Kicks Into High Gear: Bullish Rebound Possible?

• MEMX has filed an application with the SEC for a spot XRP ETF.
• The fund will classify XRP as a “commodity trust,” different from Grayscale’s application.
• Analyst Ali Martinez claims that the TD Sequential is flagging a buying signal.

On Monday, the Members Exchange (MEMX) sent in a filing to the United States Securities and Exchange Commission (SEC) to list and trade an XRP-based investment product—a spot XRP ETF. 

This move comes after a similar plan from Grayscale Investments, who wants to turn its existing XRP Trust into an exchange-traded fund (ETF).

XRP ETF as “Commodity Trust” Could Boost Approval

Unlike Grayscale, MEMX wants to classify XRP as a “commodity trust,” putting it with approved spot Bitcoin and Ethereum ETFs. 

This way of categorizing XRP could up its chances of regulatory approval, especially since the SEC has already approved crypto ETFs set up like this. If approved, an XRP ETF could really increase institutional adoption and liquidity for the token.

Related: XRP Braces for SEC Meeting—Policy Shift, Appeal Fate & Price Reaction in the Balance

Analyst Sees Bullish XRP Momentum Building

Meanwhile, well-known …

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