XRP, DOGE Surge as SEC Acknowledges ETF Filings, JUP Soars on Token Buyback Plan
The altcoin market saw a strong rally on Friday as XRP and Dogecoin (DOGE) gained momentum following the U.S. Securities and Exchange Commission’s (SEC) acknowledgment of spot ETF filings. Meanwhile, Jupiter’s JUP token surged in response to its buyback initiative, while Bitcoin (BTC) remained steady despite continued outflows from U.S.-listed spot ETFs.
Key Highlights:
- SEC acknowledges spot ETF applications for XRP and DOGE, setting a 240-day review deadline.
- Jupiter (JUP) rallies as the decentralized exchange announces a token buyback plan.
- Bitcoin (BTC) holds near $97,000 despite $650 million in outflows from U.S. spot ETFs.
Altcoins Rally on SEC ETF Acknowledgment
The SEC officially acknowledged filings for XRP and DOGE spot ETFs submitted by Grayscale, marking a crucial step in the regulatory process. This update, posted on February 13, triggers a formal 240-day review period, during which the SEC will assess the applications.
This development follows a wave of altcoin ETF filings, including those for Solana (SOL) and Litecoin (LTC), reflecting growing institutional interest in regulated crypto investment vehicles. Analysts suggest that potential ETF approvals could enhance liquidity, boost institutional adoption, and fuel demand for these altcoins.
At press time:
- XRP surged 10% to $2.73, making it the top-performing asset among the 100 largest cryptocurrencies by market capitalization.
- DOGE gained 4%, continuing its positive momentum.
“The SEC’s acceptance of XRP and Dogecoin ETF applications is a major step forward. If approved, these ETFs could significantly expand institutional access to altcoins, injecting liquidity and setting the stage for a broader altcoin rally later this year,” said Valentin Fournier, analyst at BRN, in a statement to CoinDesk.
Jupiter (JUP) Surges on Buyback Plan
Solana-based decentralized exchange Jupiter’s JUP token also saw a 10% spike, fueled by the platform’s announcement that it will allocate 50% of its protocol fees toward a token buyback program.
Starting February 17, the exchange will repurchase and lock JUP tokens for three years, aiming to reduce circulating supply and enhance long-term sustainability. This move aligns with Jupiter’s broader strategy to strengthen its ecosystem and drive long-term value for its users.
Bitcoin Holds Steady Amid ETF Outflows
Despite positive sentiment in the altcoin market, Bitcoin (BTC) continues to trade sideways, hovering around $97,000. The U.S.-listed spot BTC ETFs have recorded cumulative net outflows of $650 million this week, according to Farisde Investors.
However, analysts suggest that BTC’s resilience amid inflation concerns and regulatory clarity could set the stage for a strong rally in the coming weeks.
“Bitcoin’s ability to hold steady despite high inflation and ETF outflows suggests a strong accumulation phase. We maintain a bullish outlook and recommend continued exposure to digital assets, balancing BTC and ETH based on market capitalization,” Fournier added.
Final Thoughts
With XRP and DOGE ETF filings now in the review phase, Jupiter’s buyback strategy gaining traction, and Bitcoin showing resilience amid ETF outflows, the market appears to be gearing up for a potentially bullish phase.
Investors should closely monitor regulatory developments and market liquidity trends as altcoin ETFs move toward potential approval, shaping the next major crypto investment wave. 🚀
