A subsidiary of the New York Stock Exchange wants to convert Grayscale's XRP Trust into a spot exchange-traded fund (ETF).

Ripple Labs president Monica Long remarked an XRP ETF could “soon be a reality” under the new Trump administration.

NYSE Arca, a New York Stock Exchange subsidiary, filed the paperwork to transform Grayscale’s $16.1 million XRP Trust into a spot exchange-traded fund (ETF). According to the filing, Coinbase Custody Trust Company,

Grayscale Investments has submitted a proposal to convert its XRP (CRYPTO: XRP) Trust into an exchange-traded fund at the New York Stock Exchange. The move comes as part of a broader effort by asset managers to introduce regulated investment vehicles for digital assets.

Grayscale Investments has filed to convert its $16 million XRP Trust into an NYSE-listed ETF, joining five other firms awaiting approval amid rising trading volumes and potential government interest in the digital asset.

Grayscale seeks to transform XRP Trust into a spot ETF, seeking NYSE approval to provide direct XRP exposure to investors.

On January 29, Thursday, the XRP price jumped over 2% to reach a trading value of $3.12. This upswing is likely to be linked to a broader market uptick after the Federal Reserve’s steady interest rate policy and growing ETF buzz after Grayscale filled with the New York Stock Exchange (NYSE).

NYSE Arca, a subsidiary of the New York Stock Exchange, took a significant step toward converting Grayscale's XRP Trust into a spot exchange-traded fund (ETF). The move was initiated through the submission of a 19b-4 filing, indicating a formal proposal for the conversion process.

Seyffart says that ongoing SEC lawsuits involving XRP assert that the cryptocurrency is a security, barring it from being approved for an ETF. If Atkins is confirmed, it is likely