SEC Keeps Us Waiting: Will XRP Fund Get the Green Light or Not?

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Well, folks, it looks like we’re going to be waiting a little longer for the SEC to make up its mind. The U.S. Securities and Exchange Commission has decided to delay its decision on the proposed Franklin XRP Fund, a.k.a. the “spot XRP exchange-traded fund” that was submitted by none other than Franklin Templeton. 🎢

Apparently, the SEC has had a sudden urge for more “time to think” (and maybe reconsider their entire life choice?) so they’ve extended the review period to June 17 from the original May 3 deadline. Yep, just a little extra time to weigh those regulatory concerns that everyone’s talking about. I mean, who wouldn’t need more time to decide on *that*? 🤷‍♀️

Franklin Templeton, for the uninitiated, manages a mind-blowing $1.5 trillion in assets. This behemoth submitted their proposal back on March 13 through the Cboe BZX Exchange. The SEC finally put it up for public comment on March 19. I’m sure the public had some very valuable insights. 🙄

So, in case you’re wondering, the SEC has a whole *90 days* to approve, deny, or simply hit the snooze button—guess which option they chose? Yup, they went with the delay. Apparently, they need more time “to consider the proposed rule change and the issues raised.” Just imagine how serious those issues must be! 😬

Now, here’s the kicker: despite all the hoopla and market anticipation, XRP (yes, our beloved crypto darling) is just *meh* at the moment. It’s hovering around $2.22, hardly jumping off the charts with excitement. If anything, it seems like traders are sitting on their hands, waiting for someone to throw them a bone. In fact, trading volume is down by a whopping 32% in the last 24 hours. Who needs action when you can have “indecision,” right? 📉

But wait, don’t start crying just yet! If we peek at the moving averages, things look a tiny bit more promising. XRP is cruising comfortably above most of its short and mid-term averages. The MACD is hinting at a possible upward trend, but it’s still playing coy, showing more indecision than a college student picking a major. 📊

If the bullish pressure can keep it together and push XRP above that $2.30 support level, we could be looking at a *potential* ride up to $2.50, maybe even as high as $2.85–$3.00. 🎯 But if things go south, we could see XRP drop back to the $2.00 range, or worse, a dismal $1.85 if the whole thing falls apart. Get your popcorn ready. 🍿

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2025-04-30 07:18