XRP Rebounds 1.96% Amid SEC Case Uncertainty

On April 3, XRP experienced a minor rebound of 1.96%, following a significant drop of 5.42% the previous day. This small recovery came amidst renewed discussions surrounding the Ripple vs. SEC case, sparked by a legal filing from Justin W. Keener. Keener's filing, however, contained vague information and was met with skepticism due to his history with the SEC, which includes a lawsuit for unregistered penny stock trading. The overall market sentiment was also influenced by upcoming U.S. tariff decisions and the Federal Reserve's messaging.

The SEC's silence following its Closed Meeting on April 3 has left the market in a state of uncertainty. Many had hoped for a statement from either the SEC or Ripple regarding the Programmatic Sales decision or an announcement about an appeal. The lack of news has kept uncertainty in play. Meanwhile, Coinbase Derivatives announced plans to launch XRP futures trading on April 21, a move that could bring liquidity and stability to XRP. However, traders remain cautious due to the ongoing legal uncertainty.

Looking ahead, macroeconomic factors such as the upcoming U.S. jobs report, Jerome Powell’s speech, and tariff updates could significantly influence the XRP price. If market sentiment improves, XRP may test $3.00. Conversely, renewed economic concerns could lead to a reversal of gains. Traders are closely monitoring technical indicators for clues on the next move.

The XRP price action on the 5-minute chart shows a shift from a descending channel to an ascending structure, indicating a potential trend reversal. Initially, XRP traded within a downward-sloping channel, finding support near $2.00. The breakout from this bearish formation led to a steady upward movement, forming a rising channel. The RSI indicated oversold conditions at the lower range, aligning with a price rebound, while the MACD confirmed trend shifts with multiple golden and death crosses. The latest golden cross in the MACD suggests growing bullish momentum, reinforcing the possibility of sustained gains.

Despite the uptrend, XRP faces resistance near the $2.10 zone, where price rejections have been observed. A strong resistance block above this level could trigger short-term pullbacks. The RSI has approached the overbought region multiple times, signaling possible price exhaustion. If XRP holds above its rising channel support, the bullish structure remains intact. However, a breakdown below $2.05 may expose support near $2.00.

The latest XRP price action demonstrates a shift in momentum, breaking up an established descending channel while establishing a bullish pattern. Indicators such as the golden cross in the MACD and weekly RSI signs of oversold suggest that the trend could continue upward. However, XRP may face short-term resistance at $2.10. The launch of XRP futures and developments with the SEC case will present uncertainty in the market. If XRP continues to hold support above $2.05, there is potential to push higher toward $3.00. Conversely, a break below $2.00 could send XRP lower. Traders will want to closely monitor these levels, given the broad macroeconomic factors and regulatory aspects facing the price action.