XRP Hits $1.38 as CFTC Sends Rules to White House
XRP rose 6% to $1.38 as the CFTC submitted new crypto rules to the White House following a legislative stall.
XRP traded at $1.3824 on September 18, marking a 6% gain over the previous 24 hours. This move followed a broad recovery in the digital asset sector, where Bitcoin climbed above $80,000. The total market capitalization of the cryptocurrency sector increased by 4.79% to reach $2.75 trillion.
Regulatory clarity remains the primary driver for risk appetite in the market. The Commodity Futures Trading Commission (CFTC) sent its proposed cryptocurrency market rules to the White House for preliminary review. This action occurred after the CLARITY Act failed to advance in the Senate, leaving congressional oversight in a state of limbo.
CFTC submits regulatory framework
The filing initiates an executive review process without finalizing the proposed framework. According to reports from GN auto markets/crypto: crypto regulation, this move signals that regulators are committed to overseeing digital assets. It establishes a path for federal transparency in cryptocurrency trading despite the legislative setback.
Technical indicators signal strength
XRP has broken above the $1.35 support level and is moving toward the $1.40 resistance. A confirmed breakout above $1.40 on the four-hour chart would support the current bullish formation. If the price surpasses $1.45, it will test the major resistance zone at $1.50.
The Relative Strength Index stands at 61.23, indicating strengthening momentum without entering overbought territory. The MACD line has risen above the signal line, and green histogram bars have extended during the recent rally. These metrics suggest that upward pressure is currently dominant in the market.
Derivatives activity increases significantly
Trading volume for XRP reached $4.96 billion, a 7.17% increase from the previous session. Open interest rose by 8.68% to $2.99 billion, reflecting greater participation in derivatives markets. This growth in exposure indicates that traders are increasing their positions, which can amplify volatility if momentum shifts.
