- SEC postponed Franklin Templeton’s XRP ETF decision to June 17, impacting XRP price and short-term trader sentiment.
- XRP trades near $2.25 after a 2 percent dip, with RSI at 52.79 and Bollinger Bands narrowing to signal reduced volatility.
- ProShares aims to launch XRP futures ETF on May 14, reflecting strong institutional interest despite regulatory review delays.
The U.S. Securities and Exchange Commission has extended the review period for Franklin Templeton’s spot XRP ETF application, now setting a new deadline of June 17, 2025. The decision was initially expected by May 3. Following the announcement, XRP declined to $2.25, marking a 2 percent drop over the last 24 hours.
The delay has influenced short-term sentiment as traders prepare for monthly positioning ahead of May 1. Market participants began adjusting their exposure following the update. Franklin Templeton remains the largest applicant among several firms awaiting SEC decisions on XRP-related ETFs.
Franklin Application Under Routine SEC Review
The firm, which manages over $1.5 trillion in assets, filed its application via the Cboe BZX Exchange on March 19. The SEC noted it required more time for evaluation. Bloomberg Intelligence analyst James Seyffart and other analysts state that these review delays are a common phenomenon that does not indicate disapproval.
ProShares filed an updated document that establishes May 14 as the new prospective start date for its XRP futures-based Exchange-Traded Fund (ETF). The XRP-related product development indicates growing institutional demand despite ongoing spot ETF evaluation delays.
The Relative Strength Index of XRP currently shows 52.79, which demonstrates the market has equal force between buyers and sellers. The RSI continues to remain above the neutral line yet indicates potential signs of decreasing bullish momentum according to the recent downward trend from elevated RSI positions.
The Bollinger Bands are narrowing, showing a potential for continued low volatility. XRP trades near the upper half of the bands, with the 20-day Simple Moving Average at approximately $2.15. The upper and lower bands are currently around $2.30 and $1.99, respectively.
While the spot ETF delay has softened price action, the scheduled futures ETF launch offers a counterbalance in sentiment. Market participants remain cautious as they await further regulatory updates and watch price levels for potential breakout or correction.
