#Strax is in a downtrend and currently consolidating within a descending channel range, testing the crucial resistance at the intersection of the horizontal level and descending trendline. A successful breakout could trigger a 50% bullish wave."
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XRP extends correction, falling 7.4% in the past 24 hours, while market capitalization shrinks by $17.96 billion in a week.
XXRP ETF records over $5 million volume on day one, surpassing 2x Solana ETF (SOLT).
XRP recovery is still elusive amid US President Donald Trump's tariff standoff.
Bearish technical indicators signal XRP could drop to test the next critical support at $1.4000.
XRP struggles to stay afloat, with key support levels crumbling due to volatility from macroeconomic factors, including United States President Donald Trump's reciprocal tariffs kicking in on Wednesday. The cross-border money transfer token is down 7.4% in the last 24 hours and trading at $1.1770 in the late Asian session on Wednesday despite the launch of the XXRP ETF—a 2x leveraged exchange-traded fund—on the New York StockExchange (NYSE) Arca on Tuesday.
XRP hangs on a cliff as XXRP ETF goes live
XRP's downside remains heavy as investors constantly react and adjust to Trump's seemingly uncertain tariff policy, such that recovery from the "Black Monday" sell-off quickly fizzled out during the American session on Tuesday.
The drawdown in XRP below $2.000 extended to $1.6176 this week as the XXRP ETF went live on NYSE Arca. The United States' first XRP-based ETF product is designed to capitalize on the underlying asset's volatility with 2x leverage.
According to data from Bloomberg ETF analyst Eric Balchunas, XXRP ETF posted more than $5 million in volume on day one of its trading, a commendable achievement considering the ongoing tumult in crypto and other global markets. Although 200x less than the volume of BlackRock's IBIT ETF posted on day one, this performance puts XXRP in the top 5% of new ETF launches. Additionally, XXRP volume was four times the 2x Solana ETF (SOLT).
@cryptoopdate
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Crypto Update
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Crypto Update
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XRP could sustain rally amid growing ETF and SEC vote prospects
XRP gains 32% after the tariff-triggered crash to $1.6142, trading above $2.1000 on Tuesday.
The SEC could vote to dismiss the case against Ripple after Paul Atkins officially assumes his role as agency Chair.
Multiple XRP ETF applications’ deadlines loom, with all eyes set on incoming chair Paul Atkins.
A drop in the derivatives’ open interest suggests traders are treading cautiously amid an uncertain macroeconomic environment.
Ripple (XRP) flaunted a bullish outlook, trading at $2.1505 at the time of writing on Tuesday. Investor risk appetite has continued to grow since the middle of last week, propping XRP for a sustainable upward move triggered by the swift decision by United States (US) President Donald Trump to suspend reciprocal tariffs for 90 days.
Traders anticipate the cross-border money remittance token breaking resistance at $2.5000 and closing the gap to $3.0000. Moreover, sentiment around XRP leans bullishly, especially with the community waiting on the Securities and Exchange Commission (SEC) to officially vote to dismiss the lawsuit against Ripple.
XRP bulls hold steady amid speculation over the SEC vote
The XRP community eagerly awaits the Securities and Exchange Commission (SEC) vote to dismiss the case against Ripple. In a recent comment, Ripple CEO Brad Garlinghouse said that the company had reached an agreement with the agency’s staff. He added that protocol demands that the staff make recommendations to the commission, which is expected to vote on the matter.
The Senate confirmed President Trump’s nominee, Paul Atkins, as SEC Chair on April 9, potentially setting the groundwork for a crypto-friendly regulatory environment in the US.
At the same time, the SEC and Ripple jointly filed a request to suspend an imminent appeal in the lawsuit on Thursday. In other words, Ripple is unlikely to file a brief related to the appeal this Wednesday.
Experts and crypto lawyers weighing in on the matter said that the SEC could delay the vote to dismiss the case until Atkins assumes his role as SEC Chair. According to CryptoAmerica host Eleanor Terrett, the new chair could be sworn in over the next few days.
“Paul Atkins hasn’t taken his seat at the SEC yet. There are a few procedural steps before he can officially start, including President Trump signing off on his appointment and the formal swearing in. This could happen any time over the next few days,” Terrett explained.
XRP ETF deadlines loom
The incoming SEC Chair could have his plate full upon his accession to office, with pressing deadlines demanding his attention. Multiple asset managers have filed crypto-related ETFs, including XRP.
Crypto ETF applications | Source: Kaiko Research
According to Kaiko Research, the SEC confirmed XRP ETF applications in February and set the initial deadline as May 22.
“May 22 is an important date to watch in light of the recent ETF approval of a 2x XRP ETF from Teucrium, as the SEC must respond to Grayscale’s XRP spot filing by then.”
Can XRP rally to $3?
At the time of writing, XRP price firmly held onto support above the 200-day Exponential Moving Average (EMA), assuring traders of improving sentiment for both macro factors and fundamentals.
The Relative Strength Index (RSI) indicator’s breach of the descending trendline reinforces the bullish grip. As the RSI moves higher above the midline at 50, more traders will likely consider exposure to XRP. Besides, a buy signal from the Moving Average Convergence Divergence (MACD) indicator aligns with the bullish. outlook
XRP is required to break the confluence resistance at $2.2390 formed by the 50-day EMA and the 200-day EMA. This could make the token more attractive to investors, providing bullish momentum to breach previously tested resistance at $2.5000 and subsequently boost XRP toward its psychological resistance at $3.0000.
#share
@cryptoopdate
XRP gains 32% after the tariff-triggered crash to $1.6142, trading above $2.1000 on Tuesday.
The SEC could vote to dismiss the case against Ripple after Paul Atkins officially assumes his role as agency Chair.
Multiple XRP ETF applications’ deadlines loom, with all eyes set on incoming chair Paul Atkins.
A drop in the derivatives’ open interest suggests traders are treading cautiously amid an uncertain macroeconomic environment.
Ripple (XRP) flaunted a bullish outlook, trading at $2.1505 at the time of writing on Tuesday. Investor risk appetite has continued to grow since the middle of last week, propping XRP for a sustainable upward move triggered by the swift decision by United States (US) President Donald Trump to suspend reciprocal tariffs for 90 days.
Traders anticipate the cross-border money remittance token breaking resistance at $2.5000 and closing the gap to $3.0000. Moreover, sentiment around XRP leans bullishly, especially with the community waiting on the Securities and Exchange Commission (SEC) to officially vote to dismiss the lawsuit against Ripple.
XRP bulls hold steady amid speculation over the SEC vote
The XRP community eagerly awaits the Securities and Exchange Commission (SEC) vote to dismiss the case against Ripple. In a recent comment, Ripple CEO Brad Garlinghouse said that the company had reached an agreement with the agency’s staff. He added that protocol demands that the staff make recommendations to the commission, which is expected to vote on the matter.
The Senate confirmed President Trump’s nominee, Paul Atkins, as SEC Chair on April 9, potentially setting the groundwork for a crypto-friendly regulatory environment in the US.
At the same time, the SEC and Ripple jointly filed a request to suspend an imminent appeal in the lawsuit on Thursday. In other words, Ripple is unlikely to file a brief related to the appeal this Wednesday.
Experts and crypto lawyers weighing in on the matter said that the SEC could delay the vote to dismiss the case until Atkins assumes his role as SEC Chair. According to CryptoAmerica host Eleanor Terrett, the new chair could be sworn in over the next few days.
“Paul Atkins hasn’t taken his seat at the SEC yet. There are a few procedural steps before he can officially start, including President Trump signing off on his appointment and the formal swearing in. This could happen any time over the next few days,” Terrett explained.
XRP ETF deadlines loom
The incoming SEC Chair could have his plate full upon his accession to office, with pressing deadlines demanding his attention. Multiple asset managers have filed crypto-related ETFs, including XRP.
Crypto ETF applications | Source: Kaiko Research
According to Kaiko Research, the SEC confirmed XRP ETF applications in February and set the initial deadline as May 22.
“May 22 is an important date to watch in light of the recent ETF approval of a 2x XRP ETF from Teucrium, as the SEC must respond to Grayscale’s XRP spot filing by then.”
Can XRP rally to $3?
At the time of writing, XRP price firmly held onto support above the 200-day Exponential Moving Average (EMA), assuring traders of improving sentiment for both macro factors and fundamentals.
The Relative Strength Index (RSI) indicator’s breach of the descending trendline reinforces the bullish grip. As the RSI moves higher above the midline at 50, more traders will likely consider exposure to XRP. Besides, a buy signal from the Moving Average Convergence Divergence (MACD) indicator aligns with the bullish. outlook
XRP is required to break the confluence resistance at $2.2390 formed by the 50-day EMA and the 200-day EMA. This could make the token more attractive to investors, providing bullish momentum to breach previously tested resistance at $2.5000 and subsequently boost XRP toward its psychological resistance at $3.0000.
#share
@cryptoopdate
👍2
XRP daily chart
Despite the bullish spot market, Coinglass data highlights a worrisome situation: the derivatives’ open interest dropped by 6.45% to $3.1 billion in the last 24 hours. A negative long-to-short ratio of 0.9681 implies traders are leaning bearish in the short term. This could explain higher long position liquidations at $2.65 million compared to short position liquidations at $1.29 million.
XRP derivatives data | Source| Coinglass
Therefore, traders must tread carefully and be aware of all possible outcomes. Trade war tensions have cooled, but global markets are not out of the woods yet, especially with President Trump consistently assuring the world that no country is off the hook from his tariffs. A 90-day tariff pause is underway, with negotiations expected to take place, allowing countries to strike deals with the US.
Despite the bullish spot market, Coinglass data highlights a worrisome situation: the derivatives’ open interest dropped by 6.45% to $3.1 billion in the last 24 hours. A negative long-to-short ratio of 0.9681 implies traders are leaning bearish in the short term. This could explain higher long position liquidations at $2.65 million compared to short position liquidations at $1.29 million.
XRP derivatives data | Source| Coinglass
Therefore, traders must tread carefully and be aware of all possible outcomes. Trade war tensions have cooled, but global markets are not out of the woods yet, especially with President Trump consistently assuring the world that no country is off the hook from his tariffs. A 90-day tariff pause is underway, with negotiations expected to take place, allowing countries to strike deals with the US.
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XRP chart signals 27% jump after SEC-Ripple appeals pause and $50 million settlement
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance.
The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
XRP holds dearly to support at $2.00, with an inverse head-and-shoulders pattern hinting at a 27% breakout to $2.78.
Ripple (XRP) stabilized above $2.00, exemplifying a similar pattern to the largest cryptocurrency by market capitalization, Bitcoin (BTC), which holds firmly above $84,000 at the time of writing on Thursday. The longstanding case between the Securities and Exchange Commission (SEC) and Ripple Labs is expected to drag on after a United States (US) appellate court granted a joint motion to pause an appeal case against the blockchain company for further settlement negotiations.
Ripple gets breathing space as court freezes appeal proceedings
The US Court of Appeals for the Second Circuit approved a joint SEC-Ripple motion to hold the appeal against Ripple in abeyance amid ongoing settlement negotiations for 60 days on Wednesday.
No further briefs are expected; however, the SEC must submit a status report by June 15. This marks a major development in winding up the case, affirming that both parties have agreed in principle ahead of the Commission's final approval.
Ripple has room to breathe, signaling that a final resolution could be on the horizon, which could set a major regulatory precedent.
According to a Reuters article published on March 26, "Ripple Labs agreed to settle a U.S. Securities and Exchange Commission civil lawsuit over the alleged sale of unregistered securities and pay just $50 million of a previously imposed $125 million fine."
Ripple's Chief Legal Officer, Stuart Alderoty, confirmed the settlement in an X post, adding that the SEC would keep $50 million of the $125 million penalty US District Judge Analisa Torres imposed on the company in August. The money is currently being held in an interest-earning escrow account.
As reported by FXStreet on Wednesday, Ripple CEO Brad Garlinghouse confirmed reaching an agreement with the SEC staff, pending approval by the agency's commissioners.
XRP could renew the bid for a 27% breakout
XRP price stalled in the quest to break a confluence resistance highlighted in a previous analysis at $2.25, resulting in a sudden pullback that tested the critical $2.00 support level on Wednesday. Although the crypto market has shown resilience amid the extended tariffs and trade wars launched by US President Donald Trump, including a 245% tariff on China, investors are jittery about the short-term and long-term economic outlook. XRP faces a significant decline in bullish momentum.
An inverse head-and-shoulders pattern on the four-hour chart below hints at a potential 27% breakout to $2.78 if resistance at $2.20 (pattern neckline) is broken. This target represents the distance between the neckline and the inverted head, extrapolated above the breakout point.
XRP/USD 4-hour chart
It is worth pointing out that XRP faces immediate hurdles at the 50-day and the 100-day Exponential Moving Averages (EMA), holding at $2.07 and $2.09, respectively. Investor confidence will likely improve if XRP flips these two levels into support, paving the way for movement beyond the 200-day EMA at $2.16 and the neckline resistance at $2.20.
Bulls must remain focused to achieve short-term goals like validating the inverse head and shoulders breakout; otherwise, they risk being overshadowed by potential sell-side pressure based on the downward-sloping Relative Strength Index (RSI) indicator at 46.37. Moreover, a sell signal in the Moving Average Convergence Divergence (MACD) indicator may encourage more traders to flip bearish, supported by red histograms. Downside risks below $2.00 could be projected to $1.96, a resistance on April 8 turned into a support level, and $1.75, an anchor level tested on April 9.
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance.
The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
XRP holds dearly to support at $2.00, with an inverse head-and-shoulders pattern hinting at a 27% breakout to $2.78.
Ripple (XRP) stabilized above $2.00, exemplifying a similar pattern to the largest cryptocurrency by market capitalization, Bitcoin (BTC), which holds firmly above $84,000 at the time of writing on Thursday. The longstanding case between the Securities and Exchange Commission (SEC) and Ripple Labs is expected to drag on after a United States (US) appellate court granted a joint motion to pause an appeal case against the blockchain company for further settlement negotiations.
Ripple gets breathing space as court freezes appeal proceedings
The US Court of Appeals for the Second Circuit approved a joint SEC-Ripple motion to hold the appeal against Ripple in abeyance amid ongoing settlement negotiations for 60 days on Wednesday.
No further briefs are expected; however, the SEC must submit a status report by June 15. This marks a major development in winding up the case, affirming that both parties have agreed in principle ahead of the Commission's final approval.
Ripple has room to breathe, signaling that a final resolution could be on the horizon, which could set a major regulatory precedent.
According to a Reuters article published on March 26, "Ripple Labs agreed to settle a U.S. Securities and Exchange Commission civil lawsuit over the alleged sale of unregistered securities and pay just $50 million of a previously imposed $125 million fine."
Ripple's Chief Legal Officer, Stuart Alderoty, confirmed the settlement in an X post, adding that the SEC would keep $50 million of the $125 million penalty US District Judge Analisa Torres imposed on the company in August. The money is currently being held in an interest-earning escrow account.
As reported by FXStreet on Wednesday, Ripple CEO Brad Garlinghouse confirmed reaching an agreement with the SEC staff, pending approval by the agency's commissioners.
XRP could renew the bid for a 27% breakout
XRP price stalled in the quest to break a confluence resistance highlighted in a previous analysis at $2.25, resulting in a sudden pullback that tested the critical $2.00 support level on Wednesday. Although the crypto market has shown resilience amid the extended tariffs and trade wars launched by US President Donald Trump, including a 245% tariff on China, investors are jittery about the short-term and long-term economic outlook. XRP faces a significant decline in bullish momentum.
An inverse head-and-shoulders pattern on the four-hour chart below hints at a potential 27% breakout to $2.78 if resistance at $2.20 (pattern neckline) is broken. This target represents the distance between the neckline and the inverted head, extrapolated above the breakout point.
XRP/USD 4-hour chart
It is worth pointing out that XRP faces immediate hurdles at the 50-day and the 100-day Exponential Moving Averages (EMA), holding at $2.07 and $2.09, respectively. Investor confidence will likely improve if XRP flips these two levels into support, paving the way for movement beyond the 200-day EMA at $2.16 and the neckline resistance at $2.20.
Bulls must remain focused to achieve short-term goals like validating the inverse head and shoulders breakout; otherwise, they risk being overshadowed by potential sell-side pressure based on the downward-sloping Relative Strength Index (RSI) indicator at 46.37. Moreover, a sell signal in the Moving Average Convergence Divergence (MACD) indicator may encourage more traders to flip bearish, supported by red histograms. Downside risks below $2.00 could be projected to $1.96, a resistance on April 8 turned into a support level, and $1.75, an anchor level tested on April 9.
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Crypto Update
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#Not Looking Good For Breakout, Testing Descending Trendline, Expecting 2x After Successful Breakout.
As You Can See Analysis, We Shared Couple Of Weeks Ago, And We Caught Solid #Atcoins Bounce Got Very Good Profits, Now $Btc Dominance Showing Weakness In Lower Time frames, Formed Rising Wedge, Rsi Printing Bearish Divergence, Now #Btc D Neeeds Downside Breakout, Then We Can See Another Mini Alt Coins Rally, Waiting For Downside Breakout.
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