XRP Price Prediction: Bulls Push 3.77% Gain Before SEC Decision
XRP up 3.77% to $2.21 as SEC meeting on May 8 could redefine its regulatory status. Will Ripple’s legal breakthrough unlock institutional...
Quick overview
XRP is trading at $2.21 with a 24-hour trading volume of $4.85 billion, up 3.77%. Market cap is $129.31 billion with a circulating supply of 58.5 billion XRP out of a total 100 billion.
This comes as Ripple Labs is close to a breakthrough in its long running legal battle with the U.S. Securities and Exchange Commission (SEC). The regulatory standoff could come to a head at a closed SEC meeting today, May 8, where decisions are expected on enforcement and settlement matters.
SEC Meeting Could Clear Legal Hurdles
The SEC meeting, listed on its public events calendar, includes discussions on the “institution and settlement of injunctive actions.” Legal experts believe this could impact Ripple’s case, potentially lifting the injunction on institutional XRP sales.
If approved, this could also reduce Ripple’s $125 million fine and end the SEC’s appeal of the 2023 Programmatic Sales ruling by Judge Analisa Torres, who found that secondary XRP sales are not securities transactions.
This would be a big win for Ripple, clearing the way for broader institutional adoption of XRP, including exchange-traded products (ETPs) and cross-border payment solutions. Ripple’s management has already hinted at a possible settlement, so the SEC may be ready to drop its appeal.
Key points from the case:
- Institutional Clearance: Removal of the institutional sales ban.
- Reduced Fines: Reduction of the $125 million fine.
- Appeal Withdrawal: SEC to drop its appeal, preserving Judge Torres’ ruling.
Technical Analysis – XRP/USD
XRP/USD is at $2.2095, up after bouncing off the $2.1256 support level. This level is close to an ascending trendline, so bullish. The pair has also cleared the 50-day Exponential Moving Average (EMA) at $2.1576, a key support level that has guided up moves in the past.
Key Levels:
- Immediate Resistance: $2.2418
- Next Resistance: $2.3019
- Major Resistance: $2.3630
- Immediate Support: $2.1576 (50 EMA)
- Key Support: $2.1256 (trendline)
Trade Setup:
- Buy Above: $2.2200 (on sustained volume)
- Take Profit: $2.3019 (previous swing high)
- Stop Loss: $2.1576 (below 50 EMA)
This is a 4% upside with minimal downside risk, a good short-term trade.
Conclusion – Will the SEC Give the Green Light?
As the SEC meeting approaches, XRP’s price will be volatile. A positive outcome could bring in institutions and push XRP to all time high. But wait for volume confirmation before going long.
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