Grayscale claims the SEC missed its deadline and is seeking a court order to allow the fund’s launch.
The legal case may delay similar products and increase regulatory uncertainty around digital asset funds.
As major cryptocurrencies, including Bitcoin and XRP, post
gains today, Grayscale Investments has filed a legal challenge against the U.S.
Securities and Exchange Commission after the regulator paused approval of its
Digital Large Cap Fund.
The fund, which includes Bitcoin, Ethereum, XRP, Solana, and
Cardano, was initially approved by the SEC’s Division of Trading and Markets
but was later stayed pending an internal review.
XRP Nears Psychological $3 Level
XRP has approached the key psychological level of $3.
According to the H1 XRP/USD chart, the asset opened the day at 1.54350 and
began moving upward from the second hour of trading. Bullish momentum increased
following a breakout above 2.60000.
After a brief pullback, a bullish engulfing candle pushed
the price to 2.980000. As of writing, the price faced strong resistance at the
day’s high. However, current price action suggests another test of the $3 level
may be likely.
XRPUSD, H1 Chart, Source: TradingView
Analysts See XRP Retesting $3.40
Market analysts have identified a
symmetrical triangle pattern in XRP’s monthly chart, indicating a possible
breakout. The current consolidation phase has lasted over 330 days, and some
chart watchers suggest a move could occur between July and mid-September, based
on typical pattern resolution timelines.
With recent price momentum, some analysts believe XRP could possibly
retest the earlier high of $3.40, depending on how the pattern develops in the
coming weeks.
Grayscale’s legal team has argued that the approval should
be considered final, as the SEC missed its legal deadline to act. The company
has requested that the SEC recognize the approval as effective and is exploring
legal options to lift the stay and move forward with the fund.
Regulatory Pause May Impact Other Products
The SEC’s pause may delay the launch of similar products,
creating uncertainty around regulated access to digital assets. The case
highlights regulatory challenges for crypto-related funds and may influence
future decisions on digital investment products.
As major cryptocurrencies, including Bitcoin and XRP, post
gains today, Grayscale Investments has filed a legal challenge against the U.S.
Securities and Exchange Commission after the regulator paused approval of its
Digital Large Cap Fund.
The fund, which includes Bitcoin, Ethereum, XRP, Solana, and
Cardano, was initially approved by the SEC’s Division of Trading and Markets
but was later stayed pending an internal review.
XRP Nears Psychological $3 Level
XRP has approached the key psychological level of $3.
According to the H1 XRP/USD chart, the asset opened the day at 1.54350 and
began moving upward from the second hour of trading. Bullish momentum increased
following a breakout above 2.60000.
After a brief pullback, a bullish engulfing candle pushed
the price to 2.980000. As of writing, the price faced strong resistance at the
day’s high. However, current price action suggests another test of the $3 level
may be likely.
XRPUSD, H1 Chart, Source: TradingView
Analysts See XRP Retesting $3.40
Market analysts have identified a
symmetrical triangle pattern in XRP’s monthly chart, indicating a possible
breakout. The current consolidation phase has lasted over 330 days, and some
chart watchers suggest a move could occur between July and mid-September, based
on typical pattern resolution timelines.
With recent price momentum, some analysts believe XRP could possibly
retest the earlier high of $3.40, depending on how the pattern develops in the
coming weeks.
Grayscale’s legal team has argued that the approval should
be considered final, as the SEC missed its legal deadline to act. The company
has requested that the SEC recognize the approval as effective and is exploring
legal options to lift the stay and move forward with the fund.
Regulatory Pause May Impact Other Products
The SEC’s pause may delay the launch of similar products,
creating uncertainty around regulated access to digital assets. The case
highlights regulatory challenges for crypto-related funds and may influence
future decisions on digital investment products.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
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Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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▶️ YouTube: /@financemagnates_official
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Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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