Ripple (XRP) Signals Recovery as Optimism Grows Pre-SEC Settlement
thenewscrypto.com 16 July 2024 19:58, UTC - Ripple’s XRP surged over 26% in the past week, surpassing $0.5682.
- XRP’s market sentiment turns positive amid anticipation of an SEC settlement discussion on July 18.
While the global crypto market turns positive, Ripple’s XRP has firm signs of resurgence, bolstered by improving market sentiment and anticipation surrounding upcoming SEC developments.
The XRP market sentiment has notably turned positive, buoyed by expectations surrounding an upcoming SEC settlement discussion scheduled for July 18th. Speculation is rife that the SEC might resolve its longstanding legal dispute with Ripple, clearing a major regulatory hurdle for XRP.
Also, Ripple Labs’ strategic maneuvers, including adjustments in investments and potential relisting on platforms like Robinhood, have injected optimism into the market. The recent announcement by CME Group introducing a benchmark reference rate for XRP could further stimulate institutional interest in the digital asset.
Will Ripple (XRP) Set New Highs?
The technical indicators of XRP hinting a potential bullish trend, with XRP’s price hovering above $0.5682, an increase of over 26% in the past week. At the time of writing, XRP traded at $0.5472 with a market cap of $30.53 billion. Additionally, the trading volume has surged by more than 50% to $2.32 billion, underlining renewed market activity in the XRP market.
If XRP maintains its upward momentum above $0.5321, it may encounter immediate resistance levels at $0.6139, followed by $0.6476. On the other hand, if XRP fails to sustain above $0.5321, it could target immediate support levels at $0.5012 and then at $0.4897. This could potentially trigger further price declines, pushing XRP towards its yearly low of below $0.4198.
Moreover, Ripple Labs has made headlines with a $1 million donation to the Commonwealth Unity Fund, a political action committee advocating for pro-crypto candidates. This move is seen as part of broader efforts within the cryptocurrency community to influence legislative outcomes, particularly concerning figures critical of digital assets.
