TLDR
- XRP trades near $2.34 support level with 7% monthly gains despite legal uncertainty
- Trading volume jumped 40% to $1.86 billion as derivatives activity increased 25%
- SEC closed-door meeting scheduled for May 29 could revive Ripple settlement talks
- Technical indicators show neutral momentum with potential for breakout above $2.47
- Legal experts believe SEC must acknowledge XRP as commodity for case progress
XRP maintains its position near the $2.34 support level as traders prepare for a crucial SEC meeting this Thursday. The token has shown resilience despite ongoing legal challenges with Ripple Labs.
Trading activity has increased across multiple metrics. Spot trading volume rose 40% to $1.86 billion over the past day. Open interest climbed 2.25% to $4.76 billion while derivatives trading volume surged 25.82% to $3.14 billion.
The token has gained 7% over the past month and 1.4% in the previous trading session. XRP has been trading within a narrow weekly range between $2.29 and $2.47.
Market attention now focuses on the SEC’s closed-door meeting scheduled for May 29. This meeting could provide the regulatory clarity needed to resume settlement negotiations between the SEC and Ripple.
Legal tensions escalated earlier this month when Judge Analisa Torres rejected the SEC’s attempt to modify her final ruling. The SEC had sought to lift XRP’s institutional sales ban and reduce Ripple’s $125 million penalty.
Following the May 15 rejection, XRP dropped from $2.65 to $2.26. This decline reflected increased investor anxiety about the ongoing legal proceedings.
Technical Analysis Shows Mixed Signals
Current technical indicators present a mixed picture for XRP’s near-term direction. The relative strength index sits at 51, indicating neutral momentum in the market.
The stochastic oscillator suggests potential upside movement with a possible buy signal from oversold levels. However, the moving average convergence divergence remains slightly bearish.
Bollinger Bands are tightening around the current price level. This pattern often precedes larger price movements in either direction.
XRP continues trading above its long-term moving averages despite mixed short-term signals. This positioning suggests the underlying structural support remains intact.
Legal Experts Weigh In
Pro-XRP attorney John Deaton believes the SEC would need to acknowledge XRP as a commodity for meaningful progress. This recognition could reshape the legal landscape and boost institutional confidence.
If no settlement agreement emerges from Thursday’s meeting, several scenarios remain possible. The court could push the SEC to resume its appeal process or grant additional time if both parties demonstrate good faith negotiations.
The appeals court could potentially dismiss the SEC’s case on procedural grounds. However, legal analysts consider this outcome unlikely given current circumstances.
A breakout above the $2.47 resistance level could push XRP toward $2.65. Conversely, a decline below $2.29 support might trigger further correction toward $2.20.
The recovery from the recent $2.27 low has pushed XRP above the 23.6% Fibonacci retracement level. The next major resistance sits near $2.38, close to the 50% Fibonacci retracement level.
The post XRP (XRP) Price: Holds $2.34 Support Level as SEC Meeting Approaches May 29 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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