XRP has the worst rotten luck. Every time something good starts happening, things go haywire. A similar situation occurred when the SEC decided to leave XRP high and dry. The SEC has deferred the ruling on the proposed spot for XRP by Franklin Templeton. The court has suggested that the ruling will take place on 17th June.
This decision came at a crucial point where people were rooting for the coin. At the same time, some argue that this is not a significant issue. However, insiders have noticed a pattern of deliberate delays made by the regulatory body. This postponement is not only problematic for the ETF but also for tokens like DOGE and ETH, which are also affected by the ETF delay.
This announcement had tremendous implications for the market. The announcement soon dampened the initial bullish sentiment of the token. Then again, the market sentiment has remained surprisingly steady. AT press time, XRP prices are holding above the $2.00 mark. Although the token’s trading volume slumped by 46%, it still showed a decent 0.86% surge.
Why Did SEC Defer?
After some wild speculations, the SEC finally released a statement citing that it needs more time. This, however, is a common tactic used by the SEC to delay decisions and leave firms in limbo. The organization has used the trope to leave firms hanging; you call it an unspoken way of keeping firms in check.
Meanwhile, industry insider James Seyffart, working for Bloomberg, claims that this is part of the procedure and that traders need to remain calm and lose their oversight. All in all, things look grim for XRP at the moment, and this could have significant implications for the overall landscape.
