Last week there was hope that XRP’s price would finally take off. News of the release of funds by the SEC helped increase confidence in XRP amongst investors. A week later and things are not going as they were planned. XRP is still struggling to hit $2.40 from highs of $2.60 last week.
Yesterday the SEC published an order instituting proceedings to determine whether to approve or disapprove a proposed rule change. Specifically, this affected 21Shares XRP Trust, it also delayed the Grayscale Dogecoin Trust and held up the Grayscale XRP Trust. Once the SEC reviews the Trusts they can then be restructured as an ETF.
Why did the SEC delay these new ETFs from going public? One of the interesting points in the SEC’s updates was how “the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.”
Brad Garlinghouse, CEO of Ripple,posted on X that he was “heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure,” the day before the news was announced by the SEC. He was very happy with the launch of regulated XRP Futures on CME Group, but has stayed quiet about the delay of XRP ETFs. So far.
As the Grayscale XRP Trust was acknowledged by the SEC on February 20, 2025, it is normal practice for the SEC to take 240 days to review. This means that October is the realistic moment that there will be more news.
XRP has now returned to its previous position as fourth largest cryptocurrency in the world. Investors can still buy XRP, but they will have to wait for an ETF. If XRP has so much promise, should this really delay its’ price from increasing?
