XRP Surges 14.28% on Regulatory Optimism and ETF Rumors

XRP experienced a significant surge, rising by 14.28% in a single day following a series of regulatory developments. The U.S. Senate confirmed Paul Atkins as the new SEC Chair on April 9, which was seen as a positive move for the cryptocurrency market, particularly for XRP. Atkins is known for his crypto-friendly stance, which sparked speculation about a more lenient regulatory environment for Ripple, the company behind XRP.

Adding to the bullish sentiment, the SEC and Ripple filed to pause the ongoing appeal in their legal dispute, delaying any court response beyond April 16. This move was interpreted by many analysts as a potential sign that the SEC might withdraw the appeal once Atkins settles into his new role, with some predicting a 3–1 vote in favor of withdrawal. This regulatory optimism, combined with rumors of a potential XRP ETF, fueled a wave of buying, pushing the price of XRP from sub-$0.95 levels to reclaim the $2 mark.

Despite this rally, XRP remains nearly 30% below its peak of $3.30, which was reached during the election-fueled market surge. The price movement was not just driven by opportunistic trading but also by a shift in market sentiment, with investors viewing the recent developments as strategic re-accumulation. However, traders are cautious and remain alert for any changes in the narrative or delays in ETF progress that could impact the price.

Technical analysis of the 1-hour chart for XRP/USDT shows the price approaching a key support zone around $2.05 after a steady decline from the $2.22 resistance. This area has previously acted as a launch point for upward moves, and its retest may offer a short-term bounce opportunity. The Relative Strength Index (RSI) currently reads 38, entering oversold territory, which has previously triggered price reversals. However, the Moving Average Convergence Divergence (MACD) momentum remains bearish, with a recent death cross and a negative histogram, suggesting that sellers still have control.

The broader structure of the XRP chart shows it stuck in a range, with support zones at $2.05 and $1.90 and resistance levels at $2.15 and $2.22. A break below $2.05 could open the door to $1.90 and potentially $1.75. Conversely, a bounce from the current support level might target the $2.15 resistance. Market momentum appears weak, and buyers must step in soon to avoid a deeper retracement. Overall, XRP is in a consolidation phase with a bearish tilt, awaiting a catalyst to break this indecisive range.

The surge in XRP's price due to ETF rumors and regulatory optimism highlights the rapid shift in market sentiment. However, for the price to sustain this breakout, bulls need a clear catalyst. The confirmation of a crypto-friendly SEC Chair adds credibility to ETF hopes, but without a formal filing or timeline, the outlook for XRP in Q2 remains speculative. A breakout is possible, but for now, it's all about patience, positioning, and policy developments.