Key Notes

• SEC begins extended review process for Grayscale’s XRP ETF application.
• Analysts expect ETF approval decisions no earlier than late Q2.
• XRP holds steady at $2.35 with minimal daily price change.

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s application for a spot XRP

XRP $2.22

24h volatility: 0.8%

Market cap: $129.99 B

Vol. 24h: $2.17 B

exchange-traded fund (ETF). As per regulatory norms, the agency has initiated formal proceedings to seek public comments and conduct deeper analysis.

This delay does not come as a surprise to most experts. Bloomberg ETF analyst James Seyffart commented that such decisions usually follow the full review window laid out under Rule 19b-4.

According to Seyffart, most of the XRP-related ETF applications have final deadlines in October, and any early verdicts would break from historical trends.

He noted that some XRP funds are due for updates soon, but meaningful decisions, particularly approvals, are more realistically expected between late Q2 and early Q4.

XRP Price Outlook

Meanwhile, XRP continues to trade near $2.35 with no significant 24-hour movement. The weekly XRP chart hints at a potential breakout similar to early stages of a late-2024 bull market pattern. That rally saw XRP rocket more than 500% within a few months after breaking above a long-standing descending triangle.

Market watchers are now hoping for similar bullish momentum. Blockchain data reveals that addresses holding between 10 million and 100 million XRP have increased their holdings from 7.56 billion to 7.67 billion tokens over the past five days.

On the daily XRP price chart, the RSI is currently sitting around 51, indicating equal pressure from buyers and sellers. This suggests that the fourth-largest cryptocurrency needs fresh buying volume to continue its bullish trajectory.

XRP price chart with RSI and Bollinger Bands | Source: Trading View

Bollinger Bands have recently expanded, with XRP trading close to the mid band (20-day SMA), hinting at a period of short-term consolidation. If the cryptocurrency fails to hold this level, it could fall to the lower band around $2.05.

The Moving Average Convergence Divergence (MACD) is also due for a bullish crossover with bars currently printing red. This usually indicates weakening momentum, but a breach above the $2.51-$2.72 band could send XRP to $3.

XRP price chart with MACD | Source: Trading View

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nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.