- SEC punted on XRP and DOGE ETFs until mid-June.
- XRP’s market position was relatively strong, but DOGE was yet to reverse its downtrend.
On the 20th of May, the U.S. Securities and Exchange Commission (SEC) delayed a decision on Grayscale’s spot Ripple [XRP] and Dogecoin [DOGE] ETF (exchange-traded funds).
The regulator asked for additional time to review the applications and solicit public comments until the 17th of June.
In April, the agency extended the deadline for similar applications for Bitwise DOGE ETF and Franklin Templeton’s XRP ETFs to mid-June.
According to Bloomberg’s ETF analyst James Seyffart, the delays were expected, underscoring that the earlier approval could happen in late June or early Q4 2025.
“I wouldn’t expect to see them until late June or early July at absolute earliest…More likely to be in early 4Q. Almost all of these filings have final due dates in October.”
Source: James Seyffart/X
Market reactions
ETF Stores’ Nate Geraci, another ETF specialist, echoed Seyffart’s stance and said,
“SEC delays several decisions today on spot XRP & DOGE ETFs, along with staking in ETH ETFs…Nothing to see here IMO.”
From a market point of view, most speculators expected the DOGE and ETF approvals to happen by the end of the year, according to a +50% approval chance on Polymarket.
For XRP ETF, the odds were at 84% while the expectation for a DOGE ETF greenlight was at 63%. Interestingly, for XRP, the update didn’t stir much change in market positioning, especially from the supply angle.
Notably, exchange reserves on Binance have dropped from 2.9 billion to 2.8 billion XRP in the past week. This meant eased selling pressure from the exchange.
On the contrary, the April recovery spiked sell pressure from 2.7B to 2.9B XRP tokens. So, the ETF delay didn’t trigger sell pressure from holders at press time.
Source: CryptoQuant
For DOGE, however, its early May recovery lost some steam. The early May pump was followed by a sharp surge in transfer volume from $500M to over $1 billion.
Source: Glassnode
Since mid-May, total transfer volume, dropped from over $1B to $560 million. This meant the upward traction eased slightly and was yet to bounce back decisively even after the SEC delay.
On the price chart, DOGE’s short-term downtrend was still strong. But if broken, especially if BTC makes a new ATH, the memeocin could rally to $0.27.
Source: XRP/USDT, TradingView
