- The U.S. SEC recently approved XRP futures ETF, thus dramatically increasing the odds for a spot XRP ETF soon.
- The commission delayed decision-making for the Franklin XRP Fund by another 45 days.
- XRP price has signaled bullish sentiment toward $3 bolstered by institutional investors.
Sherry Haywood, an Assistant Secretary for the United States Securities and Exchange Commission (SEC), announced on Tuesday that the agency has delayed the decision making for the proposed rule change to list and trade shares of the Franklin XRP Fund under BZX Rule. According to the filing dated April 29, the commission pushed the next decision making date to June 17, 2025.
Experts Insights on Spot XRP ETF Outlook
According to James Seyffart, an ETF specialist with Bloomberg, the U.S. SEC has until mid-October for the final decision deadline for the spot XRP ETFs. However, Seyffart highlighted that the commission may not take all the time until the fourth quarter to issue final decisions for the spot XRP ETFs.
Moreover, the U.S. SEC approved the first ever XRP futures ETF by ProShares earlier this week, with the launch date anticipated in the near term. Additionally, the Donald Trump administration has remained pro-crypto to bolster the country’s wider economic plan.
Market Impact
Following the announcement, XRP price gained 1 percent to trade about $2.3 on Tuesday, during the mid North American trading session. The large-cap altcoin, with a fully diluted valuation of about $229 billion and a 24 hour average trading volume of about $2.5 billion, has significantly benefited from the wider adoption by institutional investors and global liquidity expansion.
From a technical analysis standpoint, XRP is well-positioned to enter its long-awaited price discovery phase. According to crypto analyst MikyBull, XRP price has successfully retested the support level around $2 and is now ready to rally towards the next target range of between $4 and $6.
