Ripple’s XRP set for 27% jump as asset managers gear up for XRP ETF filings 

XRP shows signs of an uptick as asset managers could send a flurry of XRP ETF filings to the SEC next week.
The NYSE Arca submitted a 19b-4 for the conversion of Grayscale’s XRP Trust to a spot ETF.
XRP continues consolidation within a bullish pennant amid a potential 27% rally.
Ripple’s XRP is up 2% in the Asian session on Friday following the New York Stock Exchange (NYSE) Arca 19b-4 filing with the US Securities and Exchange Commission (SEC) for the conversion of Grayscale’s XRP Trust into a spot ETF. The remittance-based token could see a 27% rally in the coming days as issuers will potentially send a flurry of XRP ETF filings to the SEC next week.The race for new altcoin ETFs in the United States is gaining traction, with asset managers filing for new products with the SEC.The NYSE Arca filed a 19b-44 for the conversion of the Grayscale XRP Trust to a spot XRP ETF.“The Sponsors […] believe that allowing Shares of the Trust to list and trade on the Exchange as an exchange-traded product (“ETP”) (i.e., converting the Trust to a spot XRP ETP) would provide other investors with a way to invest in XRP on a regulated national securities exchange,” the filing states.Following Grayscale’s move, FOX Business Eleanor Terrett noted that most issuers could begin filing for an XRP ETF next week. “Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week,” wrote Terrett in an X post on Thursday.Bitwise, Canary Capital, 21Shares, WisdomTree and CoinShares have also filed for XRP ETFs with the SEC. Filings submitted during the old SEC’s administration were automatically withdrawn as the agency failed to acknowledge them. Most asset managers are expected to resubmit their filings in the coming days.If the new SEC administration approves XRP ETF filings, it could signal the end of its four-year legal battle with Ripple and spark a massive rally for the remittance-based token.XRP saw a tiny $1.78 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions accounted for $842,000 and $941,000, respectively.XRP continued its consolidation within a bullish pennant as it’s looking to break the pattern’s upper boundary resistance. If XRP can break the resistance and hold it as a support, it could rally 27% to set a new all-time high at $4.10. However, it also has to overcome its all-time high resistance at $3.55 for such a move to materialize.XRP/USDT 8-hour chartThe Relative Strength Index (RSI) is above its neutral level, indicating bullish momentum is dominant. However, the Stochastic Oscillator (Stoch) is in the overbought region, suggesting a potential reversal could be imminent.A daily candlestick close below the $2.62 support level will invalidate the thesis.It depends on the transaction, according to a court ruling released on July 14, 2023: For institutional investors or over-the-counter sales, XRP is a security. For retail investors w