SEC Puts Brakes on Franklin XRP Fund, Delays Decision Until June!

Asset Giant's Bold Move Meets Regulatory Roadblock

Hang onto your hats, crypto fans! The U.S. Securities and Exchange Commission just slammed the brakes on the sizzling Franklin XRP Fund proposal. That's right, the spot XRP exchange-traded fund from the asset behemoth Franklin Templeton isn't getting the green light just yet. The SEC's latest filing dropped the bombshell: the decision's been pushed back to June 17 from the original May 3 deadline. Why? They need more time to chew over the nitty-gritty and tackle those regulatory headaches.

Franklin Templeton, juggling a cool $1.5 trillion in assets, threw their hat in the ring on March 13 through the Cboe BZX Exchange. The SEC made it official in the Federal Register on March 19, opening the floodgates for public comments. But under the current rules, the SEC can drag its feet for up to 90 days to approve, reject, or hit the snooze button on their decision. Guess which one they picked?

The SEC didn't mince words in their filing, stating, "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." Translation: they're not ready to make a call just yet.

XRP Price Treads Water Amid Uncertainty

Despite the market buzzing with anticipation, XRP's price is playing it cool. Currently hovering around $2.22, it's showing all the excitement of a sloth on a Sunday afternoon. Trading volume's taken a nosedive, down 32% in the last 24 hours, as traders sit tight, waiting for clearer signals. The relative strength index is chilling at 55, screaming "meh" from the rooftops.

But wait, there's a glimmer of hope! XRP's strutting above almost all the short and mid-term moving averages like it's on the catwalk. The moving average convergence/divergence is hinting at a potential upward surge, but the oscillators are still sitting on the fence, unsure which way to jump.

If the bulls keep charging and XRP can muscle its way above $2.30, watch out! The next resistance is lurking near $2.50, and a breakout could send it soaring towards the $2.85-$3.00 zone. But if the current lull turns into a downward spiral, XRP might plummet to $2.00 or, in a worst-case scenario, crash back to $1.85.