XRP News Today: ETF Hopes Hit as SEC Delays Franklin XRP Fund Review; BTC at $94k

XRP-Spot ETF Optimism Turns Sour on SEC Delay

XRP–spot ETFs were under the spotlight on Tuesday, April 29, impacting XRP demand. The SEC delayed its review of the Franklin XRP Fund by 45 days from the initial May 1 deadline. Cboe BZX Exchange’s filing for the Franklin ETF was first published for comment in the Federal Register on March 19, 2025.

Bloomberg Intelligence Analyst James Seyffart commented:

“This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later.”

Tuesday’s announcement marked the second ETF setback for XRP this week, following Monday’s news that ProShares would not launch its XRP Futures ETFs on April 30.

XRP-Spot ETF Approvals Crucial for Demand

While other XRP Futures ETFs have already launched, approving an XRP-spot ETF could be crucial for longer-term demand and price momentum. Currently, 21Shares, Bitwise, Canary Funds, Franklin Templeton, Grayscale, and WisdomTree have filed applications for XRP-spot ETFs.

However, a notable absentee is BlackRock (BLK), which could play a vital role in legitimizing an XRP-spot ETF market. In November 2023, a fake BlackRock filing for an iShares XRP Trust triggered an XRP pump-and-dump, potentially prompting the ETF market giant to shelve any immediate plans for a filing.

Another plausible reason for BlackRock to delay an application is the ongoing SEC vs. Ripple case. Investors await a potential SEC filing requesting Judge Analisa Torres to lift an injunction prohibiting XRP sales to institutional investors and lower the $125 million penalty. The filing would be a step toward settling Judge Torres’ Final Judgment, paving the way for the SEC to withdraw its appeal against the Programmatic Sales of XRP ruling. This step is potentially essential for spot ETF approval.

Despite the delay, market optimism remains intact. According to crypto-betting platform Polymarket, the odds for a US XRP-spot ETF approval by December 2025 are 78%. While down from a March 23 peak of 87%, this is up from 68% on April 22.

XRP Market Outlook: Legal and ETF Factors in Focus

XRP slid by 2.43% on Tuesday, April 29, reversing Monday’s 1.88% gain to close at $2.2393. The token underperformed the broader crypto market, which dropped 0.85% to a total crypto market cap of $2.91 trillion.

Over the near term, several factors will influence XRP price trends:

• Progress toward a Ripple-SEC settlement and appeal withdrawal.
• XRP-spot ETF-related news.
• Broader market forces such as Federal Reserve policy and US-China trade developments.

XRP has near-term support at $2.10. A move above $2.50 could set the stage for a return to $3 and potentially its all-time high of $3.5505.

See our full XRP forecast here.

Bitcoin-Spot ETF Market Inflows Soar

XRP’s pullback coincided with bitcoin (BTC) briefly dropping below $94,000 amid rising US recession fears. The US CB Consumer Confidence Index dropped from 93.9 in March to 86 in April, while JOLTs job openings tumbled from 7.48 million in February to 7.192 million in March.

Weaker labor market conditions and a slump in consumer confidence could curb spending, which contributes over 60% to US GDP. Wall Street Journal Chief Economics Correspondent Nick Timiraos commented on the chances of a US recession, stating:

“2025 recession odds in Polymarket are up today, matching the highs recorded on April 6 and April 9, before Trump pulled back his ‘reciprocal’ tariffs announced on April 2.”

According to Polymarket, the chances of a 2025 US recession have risen to 64%, up from 27% on Trump’s Inauguration Day. The peak was 66% on April 7.

US BTC-Spot ETF Market Faces Outflows

Despite Tuesday’s dip, BTC-spot ETF flows remain a major factor for supply-demand trends. According to Farside Investors, BTC-spot ETF issuers reported total net inflows of $591.2 million on April 28, extending the inflow streak to seven sessions. BlackRock’s iShares Bitcoin Trust (IBIT) reported net inflows of $970.9 million.

IBIT will need to report another day of inflows to extend the streak for the BTC-spot ETF market on April 29.

Meanwhile,

• Bitwise Bitcoin ETF (BITB) reported net outflows of $24.4 million.
• ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $13.3 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $6.2 million.

Excluding pending flow data from iShares Bitcoin Trust, US issuers saw $43.9 million in net outflows.

BTC Price Outlook: Key Catalysts Ahead

BTC fell 0.70% on April 29, partially reversing Monday’s 1.29% gain to close at $94,342.

BTC’s near-term outlook will depend on several macro and policy-related factors:

• Bearish Scenario: Rising US-China tensions, hawkish Fed rhetoric, soft US economic data, stalled legislation, and ETF outflows.
• Bullish Scenario: Easing trade frictions, dovish Fed tones, upbeat US data, pro-crypto legislation, and strong ETF inflows.

One to watch is the Bitcoin Act, reintroduced by Senator Cynthia Lummis. The bill proposes that the US government acquire one million BTC over five years, with a 20-year lock-up period. If passed, this bill could trigger a significant rally in BTC.

Separately, Arizona passed a Bitcoin Reserve bill allowing up to 10% of public funds to be invested in digital assets like Bitcoin. The legislation now awaits the signature of Democratic Governor Katie Hobbs. If signed, this would signal growing bipartisan support for crypto investment policy.

What to Watch

Key drivers for crypto markets will include Ripple litigation updates, US-China trade progress, and central bank policy. While a favorable settlement may drive fresh XRP upside, broader crypto momentum will depend on macro trends and investor sentiment.

Read analysts’ insights on what could drive cryptocurrencies to new highs.