The cryptocurrency market saw bullish momentum today, with XRP leading the rally as it inches toward the $3 mark. At the same time, investment firm Grayscale has taken legal action against the U.S. Securities and Exchange Commission (SEC) after the agency halted the launch of its multi-asset digital currency ETF.
XRP’s Upward Push
XRP has shown strong price action, gaining significantly after surpassing a key resistance near $2.60. Following a brief consolidation, the asset surged, touching a high close to $2.98 before facing temporary selling pressure. Technical analysts are now watching for a break above the critical $3 level.
The long-term chart highlights a symmetrical triangle pattern that has been forming for nearly a year. Historically, such patterns tend to resolve with major price moves, and traders are anticipating a decisive breakout before mid-September. If momentum continues, XRP could revisit highs not seen since its previous peak around $3.40.
Grayscale Confronts the SEC
Grayscale recently challenged the SEC’s unexpected decision to suspend its new Digital Large Cap ETF—a product designed to give exposure to top cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, and Cardano. The firm argues that the regulatory body failed to adhere to the legal timeline, having initially approved the ETF before reversing course just a day later.
According to Grayscale’s legal team, the pause is unjustified and is preventing investors from accessing a diversified and regulated crypto investment product. The company contends that such regulatory delays undermine innovation and investor protection, and it is urging the courts to step in and enforce the automatic approval process.
Implications for Crypto ETFs
The outcome of this legal battle could have far-reaching consequences for the future of crypto-based ETFs in the United States. If Grayscale succeeds, it may set a precedent that accelerates the approval of similar multi-token funds. On the other hand, continued resistance from the SEC could further delay mainstream adoption of diversified digital asset investment products.
As XRP climbs and the legal confrontation unfolds, the market is watching closely for signs of regulatory clarity and price confirmation in the weeks ahead.
