The Trump Media-supported ETF, the “officially titled” “Truth Social Crypto Blue Chip ETF,” announcement has led to heavy price appreciation in some cryptocurrencies, led by Cronos (CRO) and XRP. The ETF will provide exposure to leading digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and CRO and XRP. Adding these cryptos is fueling new institutional buying and bullish market sentiment.
CRO Price Surges: More than 20% Increase
Cronos (CRO) saw a nice rally, increasing more than 20% after the news of the ETF. CRO opened on 8 July at $0.081 and reached an intraday high of $0.10. The breakout reflects excessive demand in the market, with CRO currently trading at levels of about $0.092. The price has created a support level between $0.089 and $0.090 levels, which if sustained, can advance further towards the resistance level of $0.105.
XRP Gains Strength
Beyond the ETF filing, XRP’s price has also rebounded to $2.33, a 2.31% gain in 24 hours. The Truth Social ETF owns 2% in XRP, and thus its recent surge is bullish. The support for this increased focus comes from the market capitalization of XRP at $137.84 billion.
Trump Media Key Allocations
The Truth Social Crypto Blue Chip ETF will invest its assets in the following proportions:
- 70% Bitcoin (BTC)
- 15% Ethereum (ETH)
- 8% Solana (SOL)
- 5% Cronos (CRO)
- 2% XRP
This multi-asset strategy is designed to appeal to both retail and institutional investors, allowing for better access to the cryptocurrency market without physically handling the assets.
Institutional Approach to Digital Assets As Trump Media Pushes for ETF
Trump Media’s ETF submission is an exploratory push into the crypto universe, part of a wider institutional flow of investing in digital assets. The ETF will be listed with a registration on NYSE Arca and trade thereon, and the assets will be custody-held by Foris DAX Trust Company for regulatory purposes and investor trust.
Trump Media-backed ETF listing has initiated huge price rallies in XRP and CRO, pointing towards increasing institutional interest in cryptocurrencies. As the ecosystem for digital assets continues to grow, investors need to monitor the approval process and how much influence the ETF is able to exert on the valuations of the markets.
