XRP Holds Above $2.08, Awaits SEC Decision for Potential Surge

XRP is currently holding steady just above its rising trendline support, consolidating near $2.08. The price action on the daily chart indicates that buyers are gradually regaining control after a multi-week correction. XRP is trading within a range defined by support at $2.05 and resistance at $2.23, which also aligns with the 50-day Exponential Moving Average (EMA) at $2.21. This area is crucial as it serves as a critical pivot point. The trendline from the March lows around $1.61 continues to provide a solid base for higher lows.

A clean breakout above $2.23 could pave the way for XRP to reach $2.33, followed by $2.58. However, if the support at $2.05 fails to hold, the bullish structure may break down in the short term. The Moving Average Convergence Divergence (MACD) has just flipped bullish, with the MACD line crossing above the signal line, marking a green histogram for the first time in weeks. This crossover hints at a potential reversal in the trend.

The Relative Strength Index (RSI) is currently just below 50, indicating neutral conditions with room for upside movement. A close above $2.23 would likely push the RSI into bullish territory, confirming renewed momentum. Key resistance levels to watch include $2.23 (50 EMA), $2.33, and $2.58, while support levels are at $2.05, $1.92, and $1.78.

Beyond the technical analysis, the narrative surrounding XRP continues to strengthen. Anticipation over a potential Ripple ETF approval has attracted investor interest, with projections of over $8 billion in inflows if greenlit. The decision is expected by May 22, and any sign of approval could catalyze a surge in demand, potentially sending XRP toward the $6–$15 range over the coming months. The Teucrium leveraged XRP ETF has already raised $27 million, indicating real appetite among funds. All eyes are on the May 22 SEC decision, a pivotal date for XRP.

In summary, XRP is coiling above trendline support and needs to clear $2.23 to extend gains. The MACD has flipped bullish, and the RSI is showing early signs of a shift. Institutional narratives and ETF anticipation provide strong fundamental backing. Watch for a daily candle close above $2.23 with strong volume to confirm the breakout. If bulls hold the $2.05–$2.08 zone, the next leg higher may be just around the corner.