XRP gains 32% as ETF deadlines approach

XRP (CRYPTO:XRP) has surged 32% following a tariff-triggered drop to $1.6142, trading above $2.10 on Tuesday.

Investor optimism is growing as the Securities and Exchange Commission (SEC) prepares to vote on dismissing its lawsuit against Ripple, with new Chair Paul Atkins expected to take office soon.

Ripple CEO Brad Garlinghouse recently confirmed an agreement with SEC staff, stating that the commission is likely to vote on the case after Atkins assumes his role.

"Protocol requires staff recommendations to the commission before a decision is made," Garlinghouse explained.

The Senate confirmed Atkins as SEC Chair on April 9, signaling a potential shift toward a more crypto-friendly regulatory environment.

Meanwhile, Ripple and the SEC have jointly requested to suspend an imminent appeal, further delaying legal proceedings.

The XRP community is also focused on multiple pending ETF applications.

According to Kaiko Research, the SEC must respond to Grayscale’s XRP spot ETF filing by May 22.

This follows the approval of a 2x leveraged XRP ETF earlier this year, highlighting increasing institutional interest in the cryptocurrency.

Technically, XRP maintains a bullish outlook.

The price holds support above the 200-day Exponential Moving Average (EMA), while indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest further upward momentum.

Breaking resistance at $2.2390 could pave the way for XRP to test $2.50 and potentially reach the psychological $3.00 level.

However, caution persists in derivative markets.

Coinglass data shows a 6.45% drop in open interest to $3.1 billion over the past 24 hours, with a negative long-to-short ratio of 0.9681 indicating short-term bearish sentiment.

Long position liquidations reached $2.65 million compared to $1.29 million for shorts.

Global market uncertainty remains a factor as trade tensions ease temporarily under a 90-day tariff pause announced by President Trump.

Negotiations are ongoing, but traders remain wary of potential economic disruptions.

At the time of reporting, the XRP (XRP) price was $2.15.