SEC Kicks XRP and Dogecoin ETF Decisions Down the Road—June 17 Deadline Looms

Regulators hit snooze on crypto’s meme duo—again. The SEC just bought itself another month to deliberate over XRP and Dogecoin ETF applications, pushing the deadline to June 17. No surprises here—Wall Street’s favorite game of ’delay, deny, and hope crypto goes away’ continues.

Meanwhile, traders shrug and keep stacking memecoins. Because nothing says ’financial revolution’ like betting on a joke that outlived its expiration date.

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