XRP has gone from overheated to oversold in record time. After a 500% surge in November 2024 drove its relative strength index above 91, the token now sits at an RSI reading of around 30 — the second lowest ever for XRP. At press time, XRP traded at $1.4155, consolidating near the $1.38 support level.
Clarity Act moves forward — and draws fire from Cardano's founder
A regulatory development is adding to the mix. The Clarity Act, a US bill aimed at defining when cryptocurrencies are securities, appears to be moving forward after an agreement with banks. A potential markup window starts the week of May 11.
But not everyone is cheering. Cardano founder Charles Hoskinson criticized the bill, suggesting it may primarily benefit XRP. His comments highlight the ongoing political divides within the crypto industry over how regulation should be shaped. Hoskinson did not elaborate on specific provisions he objects to, but his criticism underscores the tension between different blockchain projects as lawmakers get involved.
The key question is whether the current base around $1.38 holds. If it does, the technical setup — oversold RSI, record-low MACD, and a history of violent rallies — could push XRP toward the $6.50 to $12 range. But if the Clarity Act stalls or markets turn risk-off, the token might test lower supports. For now, traders are watching the May 11 markup window and whether XRP can hold above $1.38.
