XRP Price Outlook After CFTC Pushes Crypto Rules Following CLARITY Act Setback

Frank bevah
Updated
Frank bevah

Frank bevah

Market Analyst
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.
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XRP Price Outlook After CFTC Pushes Crypto Rules Following CLARITY Act Setback

Highlights

  • XRP price nears $1.40 as momentum and derivatives activity gains.
  • Bitcoin's rally above $80,000 fuels a resurgence in major cryptocurrencies.
  • CFTC rulemaking moves forward, while CLARITY Act setback stalls congressional oversight.

XRP price rose 6% to $1.38 over 24 hours, following a broad cryptocurrency recovery led by Bitcoin.

Bitcoin price climbed above $80,000, strengthening risk appetite and lifting tokens that often follow wider market moves.

The overall market cap of the crypto sector rose 4.79% to $2.75 trillion, fueled by positive sentiment by regulatory moves for key cryptocurrencies.

In the rebound, ETC maintained its price above $2,500, while SOL rose by more than 10% along with the bull market.

CFTC Sends Crypto Framework for White House Review

The Commodity Futures Trading Commission (CFTC) proposed cryptocurrency market rules to the White House for a preliminary regulatory review.

The move follows the failure of the CLARITY Act to move in Senate, leaving legislation in limbo.

The filing initiates an executive review process, and does not imply the proposed framework has been finalized.

It shows that regulators are committed to continuing to regulate digital assets as they are now and that lawmakers are still talking.

The development can have a significant effect on the attitude towards XRP, as it would provide transparency and clarity in cryptocurrency trading and regulation by the federal government.

However, XRP’s near-term future will continue to hinge on Bitcoin’s performance and the broader market rally.

XRP Price Rebounds Toward $1.40 as Momentum Strengthens

The XRP Price traded at $1.3824 on September 18 after recovering sharply from the $1.30 region.

XRP price has broken above the $1.35 support and is moving towards the next resistance at $1.40.

A confirmed 4-hour breakout above $1.40 could give support to the ongoing bullish formation. The price of XRP may then attempt to break the next resistance level of $1.4

If XRP price continue to break higher above $1.45, the major $1.50 resistance zone will be tested. That price level has been XRP’s rejection point numerous times in the last rally.

But a further failure at $1.40 may give a bit of blow to the near-term recovery. The price could revert to $1.35 again before making another attempt to break out.

XRP Price Outlook After CFTC Pushes Crypto Rules Following CLARITY Act Setback
xrp/usdt 4-hour chart: TradingView

The Relative Strength Index was up to 61.23 on the latest pull back. As per the current reading, there are signs of strengthening momentum, but without entering into overbought conditions for XRP

The MACD line rose above the signal line, indicating a strengthening of the momentum. The green histogram bars were extended on the most recent bull run.

Open Interest Jumps 8.68% as Trading Volume Hits $4.96B

The trading volume rose to $4.96B, up 7.17% from the previous market session today, indicating the strengthening of the trading activity. Open interest also rose by 8.68% to $2.99B, indicating greater market involvement in derivatives today. 

XRP Price Outlook After CFTC Pushes Crypto Rules Following CLARITY Act Setback
Source: Coinglass data

Overall, the increases indicate that trading activity was higher and traders increased their holdings. As exposure grows, however, the volatility could rise on a loss of momentum or sudden liquidation of leveraged positions.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)

1. What caused the XRP price to rise?

XRP gained 6% as Bitcoin crossed $80,000 and improved risk appetite across the cryptocurrency market. Positive regulatory developments also supported trader sentiment.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

XRP

XRP

$1.51896525 0.02% (24h)

24 Hours volume

$2.77B

Market Cap

$95.51B

Max Supply

100B

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About Author
About Author
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.