Paul Atkins "Cryptocurrency Bill Progress"...Will XRP Exceed $1.4?

▲ XRP

XRP has encountered a regulatory tailwind with the progress of the US cryptocurrency market structure bill, ahead of breaking above $1.40.

According to the cryptocurrency media outlet Coingape on September 3 (local time), Paul Atkins, former Commissioner of the U.S. Securities and Exchange Commission (SEC), stated that he expects the Senate to advance the U.S. cryptocurrency market structure bill. The Senate is scheduled to hold a cloture vote on September 15. To move the bill to the next stage, 60 senators' votes are required. Atkins emphasized that clear regulations could promote cryptocurrency business activities within the U.S.

Atkins explained that the SEC is also preparing its own cryptocurrency regulations to complement the bill. Related opinions are currently being gathered. He stated that even if Congress fails to pass the bill, regulatory measures can still be taken using existing securities laws. However, he maintained that an institutional foundation through legislation is more sustainable for market regulation and corporate activities.

In terms of technical trends, $1.40 was presented as the first hurdle. After recovering $1.33, XRP broke out of the sideways trading range above $1.30 and is testing the upper resistance. The Relative Strength Index (RSI) rose to 54, improving upward momentum without entering the overbought zone. The Moving Average Convergence Divergence (MACD) histogram also turned positive at 0.0044. The MACD line crossed above the signal line, but both lines remained below zero.

If $1.40 is decisively surpassed, the next resistance is $1.50. If $1.50 is also breached, $1.60 opens up, and the additional upside target is presented as the previous high of $1.68. Conversely, the first major support level is $1.33. If the correction deepens, $1.30 could be retested, and if that price also breaks down, $1.20 was mentioned as the next lower support level.

Coingape analyzed that the progress of the US cryptocurrency market structure bill and improved technical indicators are supporting XRP's short-term upward trend. However, it pointed out that stronger buying demand is needed to sustain the upward momentum even after breaking above $1.40. The Senate vote on September 15 and whether $1.40 is broken were presented as key turning points in terms of regulation and price, respectively.

[Article Key Summary]

-Former SEC Commissioner Paul Atkins stated that he expects the Senate to advance the U.S. cryptocurrency market structure bill.

-If XRP breaks above $1.40, its upside targets could extend to $1.50, $1.60, and eventually $1.68.

-The Senate will hold a cloture vote on September 15, and 60 votes are needed to move the bill to the next stage.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*