The XRP (XRP) price could be in trouble, as Franklin Templeton’s XRP ETF application gets delayed, and analysts suggest approval may have to wait until October.
Last around $2.22, the XRP price is currently holding just above its 21 and 50DMAs, around 38% above its April lows around $1.60.
That impressive recovery comes as the broader crypto and US stock markets rally on hopes that US President Donald Trump is softening on his trade war stance, which could help the economy dodge a near-term crisis.
However, US economic is increasingly pointing towards an impending recession, suggesting this optimism might be unfounded.
And the XRP price could also face headwinds in wake of Franklin Templeton’s ETF application hitting a worrying roadblock.
The SEC just delayed the decision until June 17th, per a Wednesday filing, and ETF analysts believe no decision may actually arrive until October.
The implication is that “ETF hype” may not be a major narrative for XRP until the final quarter of the year.
And with macro conditions seemingly worsening, despite Trump backing off from his trade war, XRP’s rally is at risk of becoming unstuck.
XRP Price Prediction – Where Next?
Taking a look at the XRP chart, the cryptocurrency appears to be in the process of forming a bullish flag pattern over the past few months.
The current fundamental backdrop suggests a major near-term breakout of this pattern, say, in May, is unlikely.
If the rally does continue, it may struggle to get past $2.50 and the price could easily slip back to the lower bounds of its recent trend channel.
A return to sub-$2.0 levels may be on the card in the coming months, before an eventual major breakout comes later in the year, in sync with the approval of spot XRP ETFs by the US SEC.
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