XRP News Today: SEC Initiates Review of Franklin XRP ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has initiated a formal review process for the proposed Franklin XRP ETF, marking a significant step in determining whether XRP can enter the ETF market. This decision, announced on June 17, comes as crypto ETF filings accelerate, indicating growing regulatory interest in altcoin-based funds.

The Franklin XRP Trust aims to offer a physically backed XRP ETF, with custody managed by Coinbase Custody Trust. The ETF would track the CF Benchmark CME XRP-Dollar Index, with shares created and redeemed in blocks of 50,000 under Cboe BZX Rule 14.11(e)(4), which governs commodity-based trust shares.

The SEC received the Franklin XRP ETF proposal on March 13 and published the filing in the Federal Register on March 19. On June 17, the agency issued an Order Instituting Proceedings to begin a deeper review under the Exchange Act. The SEC is seeking public comments, particularly on whether XRP’s market structure can support accurate pricing and resist manipulation.

Officials are evaluating whether the ETF listing aligns with Section 6(b)(5) of the Exchange Act, which covers investor protection and market integrity. The next major deadline is likely to fall on September 9, 2025, marking the 180-day review window. The agency emphasized that no decision has been made yet and the investigation aims to assess if the ETF can function within existing regulatory standards.

Despite the regulatory developments, technical analysts continue to see potential upside for XRP. In a recent update, XForceGlobal pointed to an Elliott Wave pattern suggesting a bullish macro setup. The chart highlights a successful breakout from wave 4’s triangle and a consistent 1-2 pullback, both aligning with bullish expectations. The analysis indicates that unless key support levels are broken, the bullish scenario remains intact.

XRP is trading lower at $2.14, reflecting a 2.85% drop over the past 24 hours. However, the sentiment remains focused on potential long-term gains if the ETF secures approval.