XRP maintains crucial support while trading sideways, as investors eagerly anticipate the upcoming SEC assembly.
XRP stabilizes close to its 50-day moving average at $2.34, buoyed by anticipation for the U.S. Securities and Exchange Commission's (SEC) upcoming meeting on May 29, which may offer regulatory clarity.
Despite the ongoing legal uncertainty, XRP has maintained a narrow weekly trading range, climbing 7% over the past month and inching up 1.4% in the previous day. According to CoinGlass data, open interest in XRP derivatives has risen by 2.25% to $4.76 billion, while trading volume increased by 25.82% to $3.14 billion over the last 24 hours, signaling increased speculative behavior and renewed trader positioning.
Increased volume in spot trading also points to rising interest in XRP. The focus now turns to the SEC's private meeting, which could potentially reignite settlement discussions with Ripple. Tensions escalated earlier this month when Judge Analisa Torres dismissed the SEC's bid to modify her final ruling, which enforced an institutional sales ban and a $125 million penalty against Ripple.
Several legal analysts, including John Deaton, have anticipated that the SEC would need to acknowledge XRP as a commodity for advancements to be made. Such a move could significantly reshape the legal landscape and bolster institutional confidence.
Speculations about XRP's potential all-time high (ATH) in 2025 persist on Polymarket, but a deal between the SEC and Ripple remains the more immediate catalyst. If a resolution is not reached, the court may prompt the SEC to resume its appeal or provide more time if both parties demonstrate good faith. The appeals court could potentially dismiss the SEC's case on procedural grounds, though this is considered unlikely.
From a technical perspective, XRP is undecided. The relative strength index (RSI) stands at 51, representing neutral momentum, while the stochastic oscillator suggests short-term upside potential. The moving average convergence divergence (MACD) remains somewhat bearish, but Bollinger Bands are tightening around the current price, indicating a significant movement may be imminent.
XRP still trades above crucial long-term moving averages despite mixed short-term signals, signaling that robust structural support remains intact. A surge above $2.47 could propel XRP back to $2.65, but a drop beneath $2.29 could escalate the correction towards $2.20. For now, XRP remains within a narrow range, awaiting its next major trigger.
In a separate development, the Nasdaq has seen the debut of the first XRP futures ETF by Volatility Shares. However, this news doesn't directly impact the ongoing regulatory uncertainty surrounding XRP.
- The increase in trading volume and open interest in XRP derivatives could indicate renewed investor interest and positioning, led by anticipation for the May 29 SEC meeting.
- Acknowledging XRP as a commodity by the SEC could reshape the legal landscape and bolster institutional confidence, potentially setting the stage for a possible surge in XRP price.
- Speculations about XRP's potential all-time high in 2025 persist on platforms like Polymarket, but a deal between the SEC and Ripple remains the more immediate catalyst for significant price movements.
- The debut of the first XRP futures ETF on Nasdaq might not directly address the regulatory uncertainty surrounding XRP, but it could pave the way for increased institutional participation in the crypto market, potentially influencing XRP's long-term performance.
