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XRP’s recent rally has stalled with market activity slowing down and uncertainty surrounding the Securities and Exchange Commission’s review of the 21Shares XRP spot ETF. The token is trading at about $2.35 at press time, down 1.4% over the last day and 8.3% in the previous seven days, suggesting that its momentum is waning following a strong run earlier this month. Additionally, trading volume has sharply decreased. Over the past day, XRP ( XRP ) has seen spot trading of $2.67 billion, a 15.9% decrease from the day before. Derivatives data paints a similar picture. Coinglass data shows that open interest in XRP fell 3.14% to $4.58 billion, while futures volume fell 28.45% to $4.24 billion. While the drop in open interest shows traders are closing positions rather than opening new ones, frequently an indication of diminished confidence in short-term price action, the steep drop in volume suggests cooling speculative interest. The weakening market momentum comes just as the SEC delayed its decision on the proposed 21Shares Core XRP Trust. In a May 20 filing , the agency said it was extending the review period to evaluate whether the ETF complies with Section 6(b)(5) of the Exchange Act, which requires protections against fraud and market manipulation. The Trust will use Coinbase Custody to store its assets and seeks to track the CME CF XRP-Dollar Reference Rate. The SEC stressed that the delay permits further analysis and public input rather than representing a final decision. Rebuttals must be submitted within 35 days of the Federal Register publication, and the comment period will last for 21 days. Bloomberg ETF analyst James Seyffart called the delay “expected,” adding in a May 20 X post that early approvals for any crypto spot ETFs, including those for XRP or Solana ( SOL ), are unlikely before late June or early July, and more realistically expected in early Q4. Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days. If we're gonna see early approvals from the SEC on any of these assets — i wouldn't expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q. The technical indicators for XRP point to indecision. At the moment, the price of XRP is close to the Bollinger indicator’s lower band, indicating cautious market activity. With a value of 52, the relative strength index is neutral. Short-term moving averages signal weakness. Both the SMA and the 10-day EMA point to bearish pressure. On the other hand, long- and medium-term MAs are more optimistic. Despite the recent decline, the longer trend is still in place, as shown by the 20-day to 200-day EMAs and SMAs flashing buy signals. A breakout above $2.38 and sustained momentum past $2.61 could signal further upside , targeting higher resistance zones. If XRP falls below its 20-day SMA at $2.34, it could test support at $2.26 or even $2.06, increasing the likelihood of downward pressure. With both technical and regulatory signals providing conflicting hints about XRP’s next significant move, the market is currently in a wait-and-see state.

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As the market rally continues, investor sentiment appears to be increasingly positive. This is seen in the way traders move and store their assets. Data analyzed by the market intelligence platform Santiment revealed that the supply of bitcoin (BTC) and ether (ETH) on crypto exchanges has hit multi-year lows. While this development does not guarantee anything, it is a major bullish sign and has vast implications for the market. According to Santiment, BTC’s supply on exchanges has fallen to 7.1% for the first time since November 2018. Over the last five years, there has been 1.7 million less BTC on crypto trading platforms. Similarly, ETH now has less than 4.9% of its supply on crypto exchanges for the first time in more than 10 years. It also has 15.3 million fewer coins on trading platforms over the last five years. A shrinking supply of a certain cryptocurrency on exchanges often means a decline in assets available for immediate sale. This also means that investors are more confident and are moving their assets to cold storage for long-term holding, with the expectation of future price appreciation. With shrinking supply comes reduced selling pressure, especially over the short term. This leads to high price swings , especially if demand rises. One way to determine if the BTC and ETH markets are experiencing higher demand is to examine flows into their investment products. The United States spot Bitcoin exchange-traded fund (ETF) market has recorded eight days of positive flows out of the last ten trading days. The daily inflows have been running into hundreds of millions of dollars. Spot Ethereum ETFs have also seen notable inflows over the same time frame, although not as much as BTC. Additionally, data from CoinShares’ Digital Asset Fund Flows Weekly Report indicates that digital asset investment products attracted positive flows for the fifth consecutive week, with Ethereum and Bitcoin funds recording substantial inflows. While demand for BTC and ETH continues, their prices are up slightly in the past 24 hours. Data from CoinMarketCap shows that BTC trading is at $105,290, and ETH is hovering around $2,527 at the time of writing.