The New York Stock Exchange (NYSE) has approved the Grayscale DOGE and XRP ETFs and will begin trading on Monday. NYSE Arca, a subsidiary of the exchange, received the certification from the US Securities and Exchange Commission (SEC) for “its approval for listing and registration.” The broader cryptocurrency market is expected to remain in the green, with Bitcoin seeing a recovery.
On Monday’s opening bell, Grayscale’s DOGE and XRP ETFs will go live, allowing institutional clients to take entry positions. This is a pivoting point for both cryptocurrencies, as an uptick in the charts is on the cards. Traders who took an entry position when XRP fell to the $1.9 range on Friday could benefit.
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Grayscale ETFs: XRP and DOGE Turn Green on Monday
On the heels of the opening bell, the launch of Grayscale’s XRP and DOGE ETFs has made both cryptocurrencies turn green. While Dogecoin soared more than 2% on Monday, XRP is up nearly 1.5%. The leading cryptocurrencies could rise further as the market approaches the opening bell. The altcoin went from a low of $1.90 to a high of $2.08 in a day, delivering nearly 10% profits.
Investments from Grayscale’s institutional funds could cause the XRP and DOGE ETFs’ prices to soar. In addition, interest from retail traders could also rise, as investors want to make the most out of the much-awaited launch. Riding the bandwagon on the day of the launch can usually generate profits due to the hype and buzz it creates.
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Apart from Grayscale’s XRP ETF, Canary Capital, Bitwise, 21Shares, and CoinShares have also launched institutional trading. This is the time when XRP could turn bullish, rewarding investors who held on during the downturn. The SEC has turned crypto-friendly after Trump took office in January, promising to make the US the Bitcoin and blockchain capital of the world.
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