XRP Price Action: A Bounce from Oversold Levels Ahead of a Crucial SEC Meeting

One of the most closely watched altcoins in the cryptocurrency market, XRP has demonstrated intriguing price action

XRP, one of the most closely watched altcoins in the cryptocurrency market, has shown intriguing price action over the past 24 hours. With increased trading activity despite a slight drop in volume, traders are following XRP’s movements with keen interest.

Unlike Bitcoin (BTC), which has seen a drastic 37% decline in trading volume, XRP has shown relative stability, declining only by 6%. This resilience could be attributed to the upcoming SEC meeting and the strong reaction to a key support zone.

Recently, XRP tested a significant support zone between $1.95 and $2.10, a level that has historically provided strong support. This price range managed to hold, preventing further decline, at least in the short term.

Also Read: Bitcoin Price Remains Above Crucial Level Despite Market Sell-Off

As the cryptocurrency experienced a recent bullish bounce and an upcoming closed-door SEC meeting is set to discuss matters that could directly affect Ripple and XRP, the coin could be seen heading towards significant volatility in the coming days.

Crypto analyst Josh from Crypto World recently shared an update on XRP’s technical outlook. According to him, XRP is currently experiencing a short-term bullish bounce after reaching oversold levels on the Relative Strength Index (RSI).

While an oversold signal does not indicate a definitive price bottom, it often suggests that a price reset is due, leading to either a small relief rally or sideways consolidation.

This bounce coincided with XRP’s approach toward a major support zone between $1.50 and $1.25. The price dipped as low as $1.26, just one cent away from the lower boundary of this critical support level. The fact that the market reacted strongly to this level reinforces its importance in the ongoing price structure of XRP.

Josh explains that the next short-term resistance for XRP is between $2.24 and $2.30, which was previously a support level but has now turned into resistance. If XRP can break above $2.30, the next major resistance points are located at $2.48 and $2.56. A strong move past these levels could confirm a broader bullish trend reversal.

Key XRP Support And Resistance Levels

To summarize the key levels to keep an eye on in the next few days:

Support: $1.50 – $1.25, $1.00, $0.90

Resistance: $2.24 – $2.30, $2.48, $2.56, $3.00

These levels will be crucial for XRP traders as they anticipate its next move.

One of the biggest events looming over the XRP market is an upcoming closed-door SEC meeting scheduled for April 3. The U.S. Securities and Exchange Commission (SEC) will reportedly discuss legal actions, administrative proceedings, and enforcement issues, many of which could directly impact Ripple and XRP.

According to industry reports, the meeting might provide regulatory clarity regarding XRP’s legal status and the approval of XRP-based spot ETFs. If the discussion yields positive regulatory news, it could significantly impact Ripple’s standing within the U.S. financial system and boost XRP adoption.

Also Read: Bitcoin Miners Are Increasing Hashrate Despite Price Dump

Ripple CEO Brad Garlinghouse has expressed the importance of regulatory clarity for the company’s expansion in the U.S. market. If the SEC moves toward favorable regulation, it could open doors for greater institutional interest in XRP and broader adoption in traditional finance. However, if the meeting results in additional legal roadblocks, it could put further pressure on XRP’s price.

In comparing XRP’s recent price action to Bitcoin and other major cryptocurrencies, a key difference lies in the trading volume. While Bitcoin’s trading volume has seen a 37% decline, XRP experienced a smaller decrease in trading volume, despite the price decline.

This resilience could indicate that investors are positioning themselves ahead of the SEC decision and potential bullish developments.

Major altcoins like Ethereum (ETH), Solana (SOL), and Cardano (ADA) showed mixed performances, with some experiencing steeper declines than XRP. This divergence in price action suggests that XRP’s unique fundamentals, including its legal battle and potential ETF approval, are playing a significant role in shaping its market behavior.

What’s Next For XRP: Key Scenarios

If XRP manages to break above the $2.30 level, traders can expect a move toward the next resistance levels at $2.48 and $2.56. A sustained rally past these points could trigger further momentum, leading to a retest of the $3.00 mark and beyond.

On the other hand, if XRP remains within the $1.95 – $2.30 range, we may witness extended periods of sideways consolidation as the market digests upcoming news from the SEC meeting. A phase of accumulation within this zone could set