XRP price is on course to register the third successive daily gain

On the downside, Securities and Exchange Commission (SEC) has delayed its decision on Bitwise and Coinshares XRP spot ETFs

Crypto traders are keeping a close eye on the price action in the XRP market. The digital currency is showing signs of strength despite a recent setback with the SEC delaying its decision on several Bitwise and Coinshares XRP spot ETFs.

The SEC had been due to decide on the applications for the exchange traded funds by May 24, but it has now moved the deadline to August 24. The fate of the ETFs is likely to depend on whether the SEC can finalize its action on the pending applications for bitcoin ETFs, which were also due to be decided by May 24.

The SEC is yet to approve any bitcoin or cryptocurrency ETFs, despite several filings over the past few years. If the SEC does not complete its action on the bitcoin ETF applications by August 24, it will likely result in further postponements of the decision on the XRP spot ETFs.

In the meantime, the price of XRP is showing some signs of strength. The coin is currently trading at around $2.40, and it has been able to hold onto recent gains. However, it does appear to be struggling to break out of a new range and move towards the $2.50 mark.

As the chart shows, XRP price just hit a weekly high of $2.47 and is up by 0.5% on the daily chart. In addition, the value of its open interest contracts rose by 1.98% to $5.07 billion in the last 24 hours. That shows growing confidence among users that XRP price will perform well in the future. However, the 24-hour trading volume is down by 22% suggesting a weakening buying appetite in the near-term.

The RSI reading on the XRP price daily chart is at 57 as of this writing, indicating bullish control. In addition, the current price is above the Volume Weighted Moving Average (VWMA) of $2.39 adding credence to the bullish undercurrent. However, the Average Directional Index (ADX) indicator is at 18, showing a weak uptrend. Therefore, a break above the $2.50 mark is unlikely in the near-term if the current market fundamentals remain in play.

The fate of the Bitwise and Coinshares applications will likely depend on the SEC's decision on several bitcoin ETF filings from Spark Digital Capital, Cathay Family, and AnChain. Tokens like Bitcoin and ATOM are also likely to keep the market movers busy in the days ahead.