Key takeaways
- XRP is up nearly 2% in the last 24 hours and has climbed above $3.
- The positive performance comes despite the SEC’s ETF delay.
SEC delays spot XRP ETF applications
XRP, the native coin of the Ripple network, is up nearly 2% in the last 24 hours as it bounces back from its recent low. The positive performance comes despite the United States Securities and Exchange Commission (SEC) delaying its decision on Canary Capital, CoinShares, Bitwise, Grayscale, and 21Shares’ spot XRP ETF applications.
The regulatory agency stated that it had extended its decision on the 21Shares Core XRP Trust from the set deadline of August 20, adding 60 days, setting the new deadline for October 19.
The SEC also delayed decisions on the 21Shares Trust, Grayscale, CoinShares, and Bitwise XRP ETF filings. The delay will provide the SEC enough time to seek public opinion on the proposal and assess any regulatory concerns associated with the Exchange Act.
Analysts expect the SEC to issue final decisions on all eight pending spot ETF applications, including Franklin Templeton, REX-Osprey, WisdomTree, and five others, by October 18.
XRP aims for $3.3 as the market slowly recovers
The XRP/USD 4-hour chart remains bullish and efficient despite XRP’s recent poor performance. The long-term trend remains bullish as XRP looks to set a new all-time high in the near to medium term.
After holding around the $2.9 support, XRP could rally higher in the short term. The technical indicators are still bearish but point to signs of growing momentum. The MACD lines are within the bearish region, but could soon crossover into the positive zone. The RSI of 43 shows that XRP is not in the oversold region, and bulls could regain control with ease.
If the recovery improves, XRP could surge past the first major resistance level at $3.39 in the next few hours or days. Support from the broader market would allow it to surpass its recent high of $3.66.
However, if the bearish trend grows stronger, XRP could retest the $2.72 support level over the next few days. The low of $2.08 created last month remains strong and could stand in the short to medium term.
