XRP is holding steady near its 50-day moving average at $2.34 as traders await regulatory clarity from a key U.S. Securities and Exchange Commission meeting set for Thursday, May 29.
Despite recent legal uncertainty, the token has been trading within a narrow weekly range of $2.29 to $2.47, up 7% over the last month, and 1.4% over the previous day. CoinGlass data shows that open interest rose 2.25% to $4.76 billion and XRP (XRP) derivatives trading volume increased 25.82% to $3.14 billion over the last day, indicating increased speculative activity and renewed trader positioning.
Spot trading volume also jumped 40 to $1.86 billion, reflecting rising interest in XRP. Much of that attention now turns to the SEC’s closed-door meeting, which could revive settlement talks with Ripple.
Tensions escalated earlier this month when Judge Analisa Torres rejected the SEC’s attempt to modify her final ruling by lifting XRP’s institutional sales ban and reducing Ripple’s $125 million penalty. Following the rejection on May 15, XRP fell from $2.65 to $2.26, showing increased investor anxiety.
Thursday’s meeting may provide the quorum needed to resume negotiations. Legal analysts, including pro-XRP attorney John Deaton, believe the SEC would need to acknowledge XRP as a commodity for progress to be made, a move that could reshape the legal landscape and boost institutional confidence.
If no deal is reached, the court could push the SEC to resume its appeal or grant more time if both parties show good faith. The appeals court could also toss out the SEC’s case on procedural grounds, though that remains unlikely.
On the technical front, XRP is in a state of indecision. At 51, the relative strength index indicates neutral momentum. The stochastic oscillator shows short-term upside potential with a possible buy signal from oversold levels. But the moving average convergence divergence is still a little bearish.
Meanwhile, Bollinger Bands are getting tighter around the current price, suggesting that a bigger move might be on the horizon. While a decline below support could pave the way for additional downside, a break above the upper band might spark fresh bullish momentum.
XRP is still trading above important long-term moving averages despite mixed short-term signals. This shows that the deeper structural support is still intact. The token may return to $2.65 if it breaks above $2.47, but it runs the risk of continuing the correction toward $2.20 if it falls below $2.29. For now, XRP remains stuck in a tight range, awaiting its next big catalyst.
