SEC Postpones Decision on Grayscale’s XRP ETF Application
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s application for a spot XRP exchange-traded fund (ETF). The SEC is seeking public comments and further analysis as part of formal proceedings.
Key points include:
- The delay aligns with typical regulatory timelines under Rule 19b-4.
- XRP-related ETF applications have final deadlines in October.
- Analyst James Seyffart indicates meaningful decisions are expected between late Q2 and early Q4.
XRP Price Analysis
XRP is currently trading near $2.35, showing minimal movement over the last 24 hours. An analysis of weekly trends suggests a potential breakout similar to previous bull markets.
Market data reveals:
- Addresses holding between 10 million and 100 million XRP increased their holdings from 7.56 billion to 7.67 billion tokens.
- The RSI is at 51, indicating balanced buying and selling pressure.
- Bollinger Bands suggest short-term consolidation; failure to hold above the mid band could lead to a drop to around $2.05.
- A bullish crossover in the MACD is anticipated, with resistance levels at $2.51-$2.72 potentially driving XRP towards $3.
XRP price chart with RSI and Bollinger Bands | Source: Trading View
XRP price chart with MACD | Source: Trading View