- XRP scored 32% after reaching a tariff-triggered crash of $1.6142, trading above $2.1000 on Tuesday.
- After Paul Atkins officially assumes his role as agent chair, the SEC was able to vote to dismiss the case against Ripple.
- The deadline for multiple XRP ETF applications is approaching, and all eyes are set on Paul Atkins in the chair.
- The decline in open interest in derivatives suggests traders are taking a cautious step in the uncertain macroeconomic environment.
Ripple (XRP) flaunted its bullish outlook, trading at $2.1505 as of Tuesday’s writing. Investor risk appetite has been growing since mid-week, with XRP proposing a sustainable upward move, focusing on the psychological level of $3.0000. The deadline for multiple XRP ETF applications is approaching, and we are turning our eyes to Securities and Exchange Commission (SEC) Chairman Paul Atkins.
The XRP Bulls hold steady amid speculations over SEC votes
The XRP community is eagerly awaiting a Securities and Exchange Commission (SEC) vote to dismiss the lawsuit against Ripple. In a recent comment, Ripple CEO Brad Garlinghouse said the company has reached an agreement with agent staff. He added that the protocol requires staff to make recommendations to the committee.
The Senate confirmed Trump candidate Paul Atkins as SEC chairman on April 9th, potentially setting the basis for a US crypto-friendly regulatory environment.
At the same time, the SEC and Ripple jointly filed a request to suspend the imminent appeal in Thursday’s lawsuit. In other words, Ripple is unlikely to file a simple appeal this Wednesday.
Experts and crypto attorneys focusing on this issue said the SEC could delay the vote to dismiss the case until Atkins assumes the role of SEC chairman. According to Cryptoamerica host Eleanor Terrett, a new chair could be sworn in the next few days.
“Paul Atkins is not sitting in the SEC yet. There are some procedural steps before it officially begins, including President Trump’s appointment and signing his formal oath. This could happen any time in the coming days,” Terrett explained.
XRP ETF Deadline Loom
The incoming SEC chairs were able to fill his plates at the time of his inauguration, as deadlines loomed over his attention. Multiple asset managers submitted crypto-related ETFs containing XRP.
Crypto ETF Application | Source: Kaiko Research
According to Kaiko’s research, the SEC checked the XRP ETF application in February and set an initial deadline on May 22nd.
“May 22nd is an important date to watch in light of recent ETF approvals for the 2x XRP ETF from Teucrium, as the SEC will need to respond to Grayscale’s XRP spot filing by then.”
Can XRP be raised for $3?
At the time of writing, XRP prices held firm support above the 200-day index moving average (EMA) and ensured that traders would improve their emotions, both macro factors and fundamental.
Violation of the descending trendline of the Relative Strength Index (RSI) indicator enhances bullish grip. As the RSI moves above the midline at 50, more traders may consider exposure to XRP. Additionally, the purchase signal from the moving average convergence branching (MACD) indicator is consistent with bullish outlook.
The XRP must break the Confluence resistance at $2.2390 formed by the 50-day EMA and 200-day EMA. This makes the token more attractive to investors, potentially providing bullish momentum to infringe previously tested resistance for $2.5000 and then increase XRP towards a $3.0000 psychological resistance.
XRP Daily Chart
Despite the bullish spot market, Coinglass data highlights a concern. Open earnings for derivatives have declined 6.45% to $3.1 billion over the past 24 hours. A long negative ratio of 0.9681 means that traders are bearish in the short term. This explains the liquidation of a longer position of $2.65 million is $1.29 million compared to a liquidation of a short position.
XRP Derivative Data | Source | Coinglass
Therefore, traders must step carefully and recognize all possible outcomes. The tensions of the trade war are cooled, but the global market has yet to fall out of the woods. President Trump in particular has consistently assured the world that no countries are out of his tariffs. A 90-day tariff suspension is ongoing and negotiations are expected to take place, allowing countries to do business with the United States.
