XRP Price Slips. How ETF Approval Could Boost the Crypto. — Barrons.com

By George GloverXRP was giving up some of its recent gains on Monday, but the cryptocurrency has still gotten a sizable boost from speculation that the Securities and Exchange Commission could approve an exchange-traded fund tracking its price.The token, which is used to settle and facilitate transactions on Ripple Labs' digital-payments platform, slid 1.2% to $2.72 in early trading, according to data from crypto exchange Kraken.XRP is still up about 12% over the past five days. Speculation that the Securities and Exchange Commission could approve an ETF has fueled gains, after the agency said in a filing Thursday that it was acknowledging an application by the New York Stock Exchange on behalf of the crypto asset manager Grayscale. The SEC is seeking comment on the proposal and will make a decision later this year.Approval of an ETF would likely boost XRP, given it would enable institutional investors to invest in a regulated vehicle tracking the token's price. The SEC green lighted Bitcoin ETFs last year, which helped drive the large-cap crypto's price above $100,000 for the first time ever.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.