XRP has experienced renewed interest following a slight price recovery after reaching a critical support zone between $1.95 and $2.10. This level has proven significant in the past and once again served as a foundation for the current bounce.
The trading volume of XRP declined by 17.66 percent in the last 24 hours, but Bitcoin experienced a 37 percent decrease. XRP recovered from its price decline, reaching $1.26, just above two major support bands at $1.25 through $1.50.
According to Crypto World analyst Josh, XRP displayed a short-term bullish reaction following an oversold signal on the Relative Strength Index. An indicator of this sort does not signal an ultimate price floor, yet it often generates brief upticks or forms price stalls.
Also Read: Has XRP’s Real Price Been Hidden All Along? Here’s What Experts Know
The oversold market condition boosted the price recovery as XRP approached its vital support range. An upward price movement in XRP should potentially encounter resistance between $2.24 and $2.30 since this region once served as support but now functions as potential resistance.
If XRP breaks past $2.30, further resistance could emerge at $2.48 and $2.56, where sellers have previously stepped in. Both technical factors and broader developments outside the chart will likely influence price action in the coming sessions.
Regulatory Speculation Builds Ahead of SEC’s Upcoming Meeting
Attention is now to the U.S. Securities and Exchange Commission’s closed-door meeting on April 3. The meeting agenda includes discussions on enforcement matters, legal actions, and administrative proceedings.
The XRP community shows increasing interest because the upcoming meeting might handle regulations about Ripple. During this SEC session, analysts speculated about creating an XRP-spot ETF to deliver insights into XRP’s market standing in the United States.
Ripple CEO Brad Garlinghouse insists that clear regulations must be created to facilitate Ripple’s expansion, particularly in the U.S. context. XRP price may experience a significant upward movement when the SEC delivers a positive stance or tone in its regulatory dealings.
Market participants will closely observe any post-meeting updates, as outcomes from this session could influence investor sentiment. XRP remains in a short-term recovery phase while traders await regulatory clarity that may define the next direction.
Conclusion
XRP’s bounce from support comes at a crucial time as attention shifts to the SEC’s private meeting. Both price levels and regulatory updates could shape the next trend in the days ahead.
Also Read: XRP on the Edge: Is a Massive Crash Coming or Will Bulls Defy the Charts?
