The U.S. Securities and Exchange Commission (SEC) has pushed back its timeline for approving XRP exchange-traded funds (ETFs). 21Shares and CoinShares, the companies behind these proposals, have seen their applications delayed by a procedural move in the SEC review process. The delay doesn’t signal opposition from the SEC; it simply reflects the usual timeframe for reviewing application submissions. 240 days remain before they must make a decision. Despite delays, analysts predict approval in the fourth quarter of 2023, despite skepticism from Commissioner Caroline Crenshaw who has been vocal in her disapproval of cryptocurrencies. The betting odds indicate a strong likelihood for approval, with Polymarket analysts placing the chances at 78% currently. However, this is down significantly from June’s high of 98%. BlackRock will not be joining the race, though Franklin Templeton remains a leading contender. Fidelity has decided to remain on the sidelines despite filing for a Solana ETF, demonstrating their focus on specific markets. XRP price action reflects these developments, with the token experiencing a significant drop in recent days. The token’s price currently sits at $3.02 after dropping by 3%, and is down 6% over the past week according to CoinGecko data. Read the full article from U.Today for more information on this latest development.