As major cryptocurrencies, including Bitcoin and XRP, post gains today, Grayscale Investments has filed a legal challenge against the U.S. Securities and Exchange Commission after the regulator paused approval of its Digital Large Cap Fund.

The fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, was initially approved by the SEC’s Division of Trading and Markets but was later stayed pending an internal review.

XRP Nears Psychological $3 Level

XRP has approached the key psychological level of $3. According to the H1 XRP/USD chart, the asset opened the day at 1.54350 and began moving upward from the second hour of trading. Bullish momentum increased following a breakout above 2.60000.

After a brief pullback, a bullish engulfing candle pushed the price to 2.980000. As of writing, the price faced strong resistance at the day’s high. However, current price action suggests another test of the $3 level may be likely.

You may find it interesting at FinanceMagnates.com: Why Is Crypto Going Up Today? Bitcoin Hits ATH, XRP at 2-Month High, Ethereum and Dogecoin Follow.

Legal Team Presses for Approval Recognition

Grayscale’s legal team has argued that the approval should be considered final, as the SEC missed its legal deadline to act. The company has requested that the SEC recognize the approval as effective and is exploring legal options to lift the stay and move forward with the fund.

Regulatory Pause May Impact Other Products

The SEC’s pause may delay the launch of similar products, creating uncertainty around regulated access to digital assets. The case highlights regulatory challenges for crypto-related funds and may influence future decisions on digital investment products.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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