XRP price moved higher Thursday, trading at $1.3817 after a 3% gain over four hours. The broader cryptocurrency market rose 1.67% in 24 hours, with total crypto capitalization reaching $2.63 trillion. Bitcoin recovered to $78,000 amid resumed exchange-traded fund inflows, while Ethereum stabilized above $2,400 support.
Market sentiment strengthened as liquidations declined by 69%, reducing forced selling pressure on major assets. The Fear and Greed Index rose to 72, reflecting renewed optimism among market participants.
Regulatory Developments Support Market Sentiment
SEC Chairman Paul Atkins said he expects and hopes the Senate will advance the CLARITY Act cryptocurrency legislation. A cloture vote is scheduled for September 15, requiring 60 senators to vote in favor to proceed with debate. Passage would move the bill closer to President Donald Trump's desk.
Atkins described the legislation as significant to American cryptocurrency policy, stating that more explicit regulations would encourage domestic companies to operate under United States law and support the administration's goal of making America a leading digital asset hub.
The SEC is developing its own cryptocurrency proposal to supplement the legislation, with the framework open for public comment. Atkins noted that regulators could take action under current securities laws if Congress does not pass the bill, though he said new legislation would provide a more sustainable regulatory foundation.
Technical Outlook
XRP recovered to its $1.33 support level and headed toward immediate resistance at $1.40. The Relative Strength Index reached 54, indicating improving momentum without overbought conditions. The MACD histogram turned positive at 0.0044 after the MACD line crossed its signal line, though both MACD lines remained below zero.
A break above $1.40 would target $1.50, a previous resistance level. Sustained gains could extend toward the $1.68 swing high. On the downside, support sits at $1.33, with further weakness potentially testing the $1.30 consolidation level and $1.20 below that.
