XRP Surges 15% on ETF Hype and SEC Speculation

XRP has been on an impressive upward trajectory, posting a 15.19% gain in the past week alone. As of now, the token is trading at $2.15, maintaining a steady bullish momentum. This surge follows a mix of factors, including speculation surrounding the SEC’s upcoming vote on the Ripple case and growing optimism about the approval of an XRP ETF.

For now, XRP traders are closely watching both technical indicators and regulatory developments that could influence the token’s next move. The potential for a price breakout is becoming increasingly likely as XRP strengthens above the $2 mark.

Regulatory Developments and the SEC’s Upcoming Vote

XRP’s recent gains are partly fueled by speculation surrounding the U.S. Securities and Exchange Commission (SEC) and its handling of the ongoing case against Ripple. On April 9, the U.S. Senate confirmed President Trump’s nomination of Paul Atkins as SEC Chair, sparking hopes for a more crypto-friendly regulatory environment. Atkins' appointment could signal a shift in the SEC’s stance, which many believe may benefit Ripple and its supporters.

Following this, Ripple and the SEC filed a joint request on April 10 to delay the appeal deadline in their case, further intensifying speculation. This means Ripple won’t need to submit its appeal-related reply brief by April 16, allowing more time for developments. Many analysts believe the SEC could hold off on a final decision until Atkins formally assumes his position, with Ripple CEO Brad Garlinghouse remaining optimistic.

All eyes are now on the SEC’s upcoming vote, which could represent a pivotal moment in the case. While the outcome remains uncertain, the shift in regulatory sentiment is adding to the positive outlook for XRP, with many traders watching closely for any signs of progress.

ETF Hype and the May 22 Deadline

Another key element driving XRP’s surge is the ongoing developments surrounding crypto exchange-traded funds (ETFs). Recently, several asset managers, including Teucrium, have filed crypto-related ETFs that include XRP, prompting the SEC to confirm their review process. The deadline for the SEC’s response to Grayscale’s XRP spot ETF filing is set for May 22, and it could significantly impact XRP’s price.

The news of XRP-related ETFs has only fueled the fire for XRP bulls, with speculation swirling around whether the SEC will approve these products. If the approval goes through, it could trigger a massive inflow of institutional capital into XRP, further propelling the coin's upward trajectory. Traders are keenly aware of the ETF deadlines, and this anticipation could continue to drive prices upward as May 22 draws closer.

Technical Outlook For XRP

On the charts, XRP is displaying signs of resilience, maintaining a strong foothold above the $2 mark. The coin has recently entered a consolidation phase between $2.12 and $2.18, with key support levels holding steady at $2.08. A breakout above $2.18, accompanied by strong volume, could signal a push toward resistance levels at $2.22 to $2.25.

The Relative Strength Index (RSI) is also signaling bullish momentum, as it continues to trend upward above the 50 level, while the Moving Average Convergence Divergence (MACD) indicator has issued a buy signal. These indicators suggest that XRP could be gearing up for another breakout. Traders are keeping a close eye on these levels, as a breach of $2.25 could open the door for even higher prices, potentially targeting the psychological resistance at $3.00.

Besides, according to data, April historically has been a strong month for XRP, with an average 24.6% gain over the past decade. Despite recent losses in April, many traders are optimistic, fueled by XRP’s 15.19% gain last week. Investor sentiment is high, with increased activity from whales and retail investors. One XRP bull even urged the community on X to "LOCK IN!" on XRP, suggesting now might be the time to accumulate or hold, anticipating a strong April performance.

XRP’s Optimistic Outlook

With a combination of ETF speculation, a potential SEC case dismissal, and strong technical indicators, XRP appears poised for further gains in the near future. The upcoming decision on the ETF and the SEC vote could be the catalysts needed to propel the token toward new highs. As XRP continues to trade in a consolidation range, traders are eyeing key resistance levels and watching for any signs of a breakout.