XRP news today: XRP's ETF Decision Delayed Until October, Price Rally at Risk
1min read Franklin Templeton's application for an XRP ETF has encountered a significant delay, with the SEC pushing the decision back to June 17th. Analysts suggest that a final decision may not come until October, which could dampen the "ETF hype" surrounding XRP until the latter part of the year. This delay comes at a time when the broader crypto and US stock markets are rallying on hopes of a softening trade war stance by US President Donald Trump. However, underlying economic indicators point towards an impending recession, which could further complicate XRP's price trajectory.
The XRP price, currently holding just above its 21 and 50-day moving averages, has shown an impressive recovery, rising 38% from its April lows. This recovery is part of a broader market rally driven by optimism around the US trade war. However, the delay in the ETF decision and worsening macroeconomic conditions could pose significant headwinds for XRP's continued rally. Analysts suggest that a major breakout in the near term is unlikely, and the price could easily slip back to the lower bounds of its recent trend channel.
Looking at the XRP chart, the cryptocurrency appears to be forming a bullish flag pattern over the past few months. However, the current fundamental backdrop suggests that a near-term breakout of this pattern is unlikely. If the rally does continue, it may struggle to get past $2.50, and the price could easily slip back to sub-$2.0 levels in the coming months. A major breakout is expected later in the year, in sync with the potential approval of spot XRP ETFs by the US SEC.
In the meantime, analysts are suggesting that investors looking for near-term gains might consider other promising projects, such as Solely (SOLX), a new Solana project that has garnered significant attention with its impressive presale. Solaxy, the first Layer-2 solution for the Solana blockchain, aims to address network congestion and enhance scalability by processing transactions off-chain and using rollups. With a massive presale haul, a 125% APY staking program, and a growing community, Solaxy is gaining major traction and is predicted by some analysts to deliver a 10x return by the end of the year, driven by Solana’s surging DeFi activity and Solaxy’s innovative infrastructure.
Ask Aime: What could the delayed XRP ETF decision mean for the price?
