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, a major asset manager.The SEC now has untill June 17 to make a decision, extending the original May 3 deadline.
Franklin Templeton, with over $1.5 trillion in assets, submitted the proposal on March 13 via the Cboe BZX Exchange. The SEC published it for public comment on March 19. The delay is to give the SEC more time to review the request and address regulatory concerns.
Under current rules, the SEC can take up to 90 days to approve, deny, or extend its decision. In this case, they chose to extend it. The SEC stated that more time is needed to consider the proposed rule change and related issues.
XRP’s price has remained cautious despite market anticipation. It’s currently trading around $2.22, with little volatility and a 32% drop in trading volume over the last 24 hours. This suggests traders are waiting for clearer signals.
Technical analysis shows mixed signals. XRP is trading above key moving averages, hinting at potential upward movement. Though, most oscillators show indecision. If bullish pressure continues and XRP breaks above $2.30, the next resistance is near $2.50. A breakout could target $2.85–$3.00. Conversely, a downward break could see XRP fall to $2.00 or even $1.85.
