The Ripple (XRP) price traded near $2.42 on May 21, consolidating after last week’s brief move toward $2.56. The altcoin has struggled to break higher, even as Bitcoin stabilized above $102,000 and Ethereum held near $2,650. XRP’s price action has remained range-bound for over a week, with resistance capping upside attempts and no strong catalyst to force a breakout.
The broader crypto market showed signs of fatigue after last week’s CPI-induced rally. While memecoins continued to attract short-term flows, large caps like XRP saw declining spot volumes and little change in open interest. On-chain metrics also suggested reduced trader engagement, with no major accumulation spike among large wallet cohorts.
Despite the subdued price action, interest in XRP remains elevated thanks to renewed speculation around a potential spot ETF listing. Over the weekend, several market participants shared screenshots of ETF-related tickers appearing briefly on a major data aggregator platform. Though quickly removed, the listings reignited hopes of regulatory progress and renewed institutional exposure to XRP.
However, no official announcement followed the event, and XRP’s price failed to react significantly. The ETF chatter now shifts attention toward deeper structural developments, particularly how Ripple’s legal status and token economics could impact the mid-term outlook.
SEC Delay Clouds XRP ETF Timeline
The U.S. Securities and Exchange Commission delayed its decision on 21Shares’ spot XRP ETF proposal on May 20, citing the need to assess whether the fund complies with protections against fraud and market manipulation under Section 6(b)(5) of the Exchange Act.
The fund, named 21Shares Core XRP Trust, is designed to track the CME CF XRP-Dollar Reference Rate, with Coinbase Custody acting as the asset holder. The proposal was initially submitted on March 11, within the SEC’s standard 70-day review window.
This delay added to earlier postponements for similar filings from Grayscale and Franklin Templeton. The SEC has now opened a 21-day public comment period and a 35-day rebuttal window, indicating that a final decision may not arrive before late June or early July. Bloomberg analysts suggest early Q4 2025 is a more realistic timeline, given the unresolved legal status of XRP.
The delay stemmed partly from the SEC’s ongoing appeal in the Ripple lawsuit, which questions whether XRP should be classified as a security. The appeal remains pending with Judge Analisa Torres, and a status update is due to the Second Circuit by June 15. The case continues to cast a shadow over ETF approvals, reinforcing the agency’s cautious stance on altcoin-based funds.
On social media, reactions were mixed. James Seyffart noted the delay aligns with expectations. Users like RippleXrpie and Nico Cabrera flagged the SEC’s pause as routine, while Eleanor Terrett confirmed a similar hold on Franklin Templeton’s proposal.
Following the news, open interest in XRP futures declined, and spot volumes softened. Despite short-term weakness, Polymarket bettors still assign an 83% chance of ETF approval by year-end. The CME’s May 19 launch of XRP futures adds a bullish counterweight, though XRP may remain trapped below $2.60 until regulatory clarity improves.
Bullish Structure Builds Tension
XRP price continues to consolidate within a falling wedge pattern. Trader often consider the formation bullish due to its tendency to resolve higher. Two downward-sloping trendlines define the wedge pattern, with the upper boundary rejecting each failed breakout since March and the lower trendline catching shallow pullbacks.
Price is nearing the apex but remains inside the wedge, indicating that a confirmed breakout has not yet occurred.
The wedge formation began forming after XRP’s vertical rally stalled near the $3.25 level. Since then, price has posted lower highs and higher lows in a narrowing structure, while volume gradually declined—a classic wedge characteristic.
Traders typically calculate breakout targets by measuring the height of the wedge at its widest point and projecting that distance upward from the breakout level. In this case, the projected target for the Ripple token is near $3.80, a spike of over 61% from current levels, pending confirmation of a close beyond wedge resistance.
The weekly 20-EMA sits near $2.21 and continues to act as dynamic support. The $2.14 zone offers additional structural support and aligns with previous weekly closes. The $2.88 and $2.58 levels remain the nearest resistance zones and will be key to watch if price attempts an upside breakout. Currently, XRP price trades just below $2.36, within a congested area where bulls and bears are evenly matched.
Weekly RSI hovers near 55, signaling neutral momentum without showing overbought or oversold conditions. This further supports the consolidation narrative. Until price closes above the wedge resistance with volume expansion, the bullish setup for the Ripple token remains unconfirmed.
A decisive breakout would shift market structure and open the path toward the projected target. The XRP ETF news would likely make it difficult for bulls to force an XRP price breakout.