Why the Official Trump Cryptocurrency Is Skyrocketing Today
The Official Trump cryptocurrency is surging Friday. The Trump-branded token was up 40.1% over the previous 24 hours of trading as of 2:05 p.m. ET. Meanwhile, Bitcoin and Ethereum were up 2.3% and 4.1%, respectively, over the same stretch.
Official Trump is seeing huge gains following news that the Securities and Exchange Commission (SEC) has accepted Grayscale's application to form an exchange-traded fund (ETF) built around XRP. Investors are betting that policy changes at the SEC could open the door for catalysts that drive powerful rallies for altcoins.
While the SEC's acknowledgment of the application doesn't mean Grayscale will be able to move forward with an XRP ETF, it's a notable development. The SEC has already granted approval for ETFs built around Bitcoin and Ethereum, but it's previously declined to respond to other crypto-related applications.
Source Fool.com
