A decision on the proposed Franklin XRP Fund, a spot XRP exchange-traded fund submitted by asset manager Franklin Templeton, has been postponed by the U.S. Securities and Exchange Commission.
In its most recent filing, the SEC extended the review period to June 17, moving it from the original May 3 deadline. The agency explained that it needs more time to evaluate the application and address the related regulatory concerns.
Franklin Templeton, which manages over $1.5 trillion in assets, filed the proposal on March 13 through the Cboe BZX Exchange. The SEC officially published the filing in the Federal Register for public comment on March 19.
Under current regulations, the SEC can take up to 90 days to approve, deny, or extend its decision. In this instance, the SEC chose to delay the decision.
“The Commission finds it appropriate to designate a longer period within which to take action… so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
In the filing, the SEC noted:
Despite rising market expectations, XRP’s price shows caution. It currently trades around $2.22, with minimal volatility and a notable drop in volume. According to data from crypto, trading volume has dropped by 32% in the past 24 hours, suggesting that traders are awaiting clearer signals. The relative strength index (RSI) sits at 55, suggesting neutral momentum.
Moving averages paint a more optimistic picture. Currently, XRP trades above nearly all key short- and mid-term moving averages. The moving average convergence/divergence indicates a possible upward movement, though most oscillators also reflect market indecision.
If XRP maintains bullish momentum and reclaims higher support above $2.30, it will likely face the next resistance near $2.50. A breakout could then target the $2.85–$3.00 range. Conversely, a decline towards $2.00 or, in the worst case, back to $1.85 may occur if the current consolidation breaks downward.
