SEC Delays Decision on Franklin XRP Fund
The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the Franklin XRP Fund. This spot XRP exchange-traded fund (ETF) was proposed by Franklin Templeton. The SEC now has until June 17 to make a call, instead of the original May 3 deadline.
Franklin Templeton, a major asset manager, submitted the proposal on March 13. The SEC needs more time to evaluate the application and address regulatory concerns. The delay is not unusual, as the SEC often takes extra time for thorough reviews.
franklin Templeton, overseeing over $1.5 trillion, filed the ETF thru the Cboe BZX Exchange. The SEC published the proposal for public feedback on March 19. The SEC can take up to 90 days to approve,reject,or extend the review. The SEC cited the need for a deeper look into the ETF’s implications. This extension is common for complex financial products.
market reaction to the news was muted. XRP’s price stayed around $2.22, with low trading volume. Traders are waiting for clearer signals. The SEC’s extra time aims to ensure the ETF meets strict standards.
Why is this happening? The SEC needs more time to review the proposal and address regulatory concerns. The delay is not unusual, as the SEC frequently enough takes extra time for thorough reviews.
Market reaction to the news was muted. XRP’s price stayed around $2.22, with low trading volume. Traders are waiting for clearer signals. The SEC’s extra time aims to ensure the ETF meets strict standards.
Franklin Templeton, overseeing over $1.5 trillion, filed the proposal on March 13. The SEC published the proposal for public feedback on March 19. The SEC can take up to 90 days to approve, reject, or extend its decision. In this case, it chose to delay.
Despite growing market anticipation, XRP’s (XRP) price reacted with caution. XRP is currently trading around $2.22, showing little volatility and a noticeable drop in volume.As per crypto.news data, trading volume is down 32% in the last 24 hours, suggesting traders are waiting on clearer signals. At 55, the relative strength index indicates neutral momentum.
Moving averages present a more optimistic picture. XRP is currently trading above almost all significant short and mid-term moving averages. The moving average convergence/divergence suggests a potential upward push, but the majority of oscillators also show indecision.
If bullish pressure persists and XRP recovers higher support above $2.30, the next resistance lies near $2.50, and a breakout could possibly target the $2.85–$3.00 area. On the other hand, XRP may decline toward $2.00 or, in the worst scenario, back to $1.85 if the current consolidation breaks downward.
