Hopes for a spot XRP exchange-traded fund faced a setback as the U.S. Securities and Exchange Commission pushed back its decision deadline for Franklin Templeton’s proposal. The asset manager, overseeing $1.5 trillion, awaits the verdict on its Franklin XRP Fund.
Initially due by May 3, the SEC has now set June 17 as the new date. The regulator stated in its filing that it “finds it appropriate to designate a longer period” to properly evaluate the proposed rule change and related issues. Franklin Templeton submitted the application via the Cboe BZX Exchange back on March 13.
The XRP crypto token’s price showed a muted response to the delay. Currently hovering near $2.22, the digital asset displays minimal volatility. Trading volume has decreased significantly, dropping 32% over the past day, indicating trader hesitation. The relative strength index sits at 55, signaling neutral market momentum for now. A guide to cryptocurrency trading for beginners can offer insights into market dynamics.
Technical indicators offer mixed signals. XRP maintains levels above key short and medium-term moving averages, hinting at underlying strength. While the moving average convergence/divergence (MACD) points towards potential upward momentum, other oscillators suggest market indecision persists. This delay echoes similar postponements seen with other altcoin ETFs, like the SEC delay on Grayscale’s Polkadot ETF.
Looking ahead, if buying pressure resumes and pushes XRP above the $2.30 support level, the next significant hurdle appears near $2.50. A successful break past this could open the door to the $2.85–$3.00 range. Conversely, failure to hold current levels might see the price drift towards $2.00, or potentially down to $1.85 if consolidation breaks downwards.