XRP, DOGE Rally as SEC Acknowledges ETF Filings, JUP Cheers Token Buyback Plan

Alternative cryptocurrencies, oregon altcoins, made waves Friday arsenic XRP and dogecoin (DOGE) drew spot from spot ETF optimism and Solana-based decentralized speech Jupiter's JUP token cheered the platform's buyback program.

The U.S. Securities and Exchange Commission (SEC) has acknowledged Grasycale's applications for XRP and dogecoin (DOGE) spot ETFs, Fed. 13 updates by the marketplace regulator show. These filings volition present beryllium submitted to the SEC's national register, mounting disconnected a 240-day deadline to reappraisal and determine connected the applications.

Recently, determination has been a question of filings for altcoins ETFs, including Solana's SOL and Litecoin (LTC), indicating expectations for accelerated integration of cryptocurrencies into mainstream concern nether Donald Trump's Presidency.

Potential support of XRP and DOGE spot ETFs, regulated and acquainted concern vehicles, would marque it easier for institutions to instrumentality vulnerability to these coins without straight purchasing and storing them. That could heighten marketplace liquidity and boost request for these tokens.

XRP traded higher astatine $2.73 astatine property time, up 10% connected a 24-hour basis. It was the best-performing apical 100 cryptocurrency by marketplace value. Meanwhile, DOGE traded 4% higher, according to information root CoinDesk and Coingecko.

"In a notable development, the SEC has accepted ETF applications for XRP and Dogecoin, adding to a increasing database of altcoin ETF reviews, including Solana and Litecoin. If approved, these products could importantly grow organization entree to altcoins, injecting liquidity and perchance mounting the signifier for an alt-season aboriginal this year," Valentin Fournier, analyst, BRN told CoinDesk successful an email.

Digital assets are showing flimsy upward momentum, supported by affirmative regulatory signals and easing commercialized tensions," Fournier added.

Jupiter's JUP token besides traded 10% higher successful effect to the decentralized exchange's plan to allocate 50% of its protocol fees toward repurchasing and locking JUP tokens for 3 years from Feb. 17. The program aims to trim the token's circulating proviso and boosts the platform's sustainability.

Bitcoin (BTC), meanwhile, continued to commercialized lacklustre, astir $97,000 amid continued outflows from the U.S.-listed spot exchange-traded funds (ETFs).

The 11 spot BTC ETFs listed successful the U.S. person witnessed a cumulative nett outflow of $650 cardinal this week, according to Farisde Investors.

Still, the dull terms enactment offered anticipation against the backdrop of hotter-than-expected U.S. CPI and PPI releases this week.

"Given Bitcoin’s resilience successful the look of precocious ostentation and improving regulatory clarity, this accumulation signifier whitethorn pb to a beardown rally successful the coming weeks. We support a bullish outlook and urge continued dense vulnerability to integer assets, balancing BTC and ETH based connected marketplace capitalization," Fournier said.