$XRP The SEC has delayed reviews of spot XRP ETFs, raising concerns among investors about the timing of approval and market sentiment.

XRP price fell 1% amid general gains, reflecting legal hurdles and ETF uncertainty.

Bitcoin surged as the GENIUS Act passed the Senate, adding to investor optimism about the progress of crypto legislation. XRP Spot ETF: SEC Delays Review

SEC delays shake hopes for XRP ETFs Tuesday, May 20, shifting attention to midterm deadlines for XRP spot ETFs. The SEC delayed its review of the Grayscale XRP Trust’s conversion into an ETF, fueling concerns about the prospects for an XRP spot ETF market.

Bloomberg Intelligence analyst James Seyffart downplayed the delay, saying: However, the May 15 ruling in the SEC v. Ripple case dashed expectations that the SEC would review applications for spot XRP ETFs before the final deadlines in October. Judge Analisa Torres denied the SEC’s request for an indicative ruling on a settlement agreement, seeking to lift the injunction on institutional sales of XRP and reduce the $125 million fine.

If Judge Torres rejects a second request, Ripple could proceed with its cross-appeal, forcing the SEC to appeal the XRP Programmatic Sales decision. A withdrawal of the appeal could prove crucial to the approval of an XRP spot ETF.

21Shares XRP ETF, Bitwise XRP ETF, Canary Funds, and WisdomTree also have interim deadlines this week. However, Seyffart expects the SEC to delay these reviews, saying:#writetoearn

“Delays are expected on spot crypto ETFs. A handful of XRP ETPs have expirations in the coming days. If we were to see early SEC approvals for any of these assets, I wouldn’t expect to see them until late June or early July at the earliest. More likely early Q4.”XRP Price Prediction: Focus on Legal Developments

XRP fell 1% on Tuesday, May 20, after a 2.01% gain on Monday, closing at $2.3566. The token underperformed the broader market, which rose 0.82%, bringing the total crypto market cap to $3.31 trillion.