XRP(XRP) price has rallied more than 15% since closing at $2.32 on Feb. 6, following the crypto market’s drawdown. While most altcoins have struggled to establish a recovery, XRP’s weekly chart has received plaudits for a bullish outlook.

Analyst Armando Pantoja predicts an 81% chance of XRP ETF approval within the next year, arguing that it would not only drive institutional demand but also validate that XRP is not an illegal security.

The SEC reviews CoinShares XRP ETF application as a 21-day comment period begins amid rising XRP ETF approval prospects.

Ripple's XRP saw a 6% uptick above $2.70 in the early Asian session on Thursday following the Securities & Exchange Commission’s (SEC) accelerated acknowledgment of XRP ETF filings. Meanwhile, asset manager Hashdex could launch the world's first spot XRP ETF in Brazil after receiving the country's SEC-equivalent authority approval.

SEC's approval of Bitwise XRP ETF will depend on public feedback and the filing’s compliance with its investor protection standards.

XRP 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.

According to new reports, the U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of an application for a Bitwise spot XRP Exchange-Traded Fund (ETF). According to earlier reports,

XRP’s price rally follows the acknowledgment of multiple XRP filings by the SEC and rumors of delay in Ripple’s legal battle with the agency.