XRP Price Surges to 3-Month High: Here’s Why Another 30% Rally Could Follow
thecryptobasic.com 18 July 2024 13:57, UTC XRP price surged to a three-month high of $0.61 following speculation of a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC), market indicators suggest that more gains could follow in the weeks ahead.
Crypto Market Rally, SEC Case Speculations Send XRP Price Hits 3-Month Peak
XRP price has recorded considerable double-digit gains this week, outperforming the likes of Bitcoin (BTC), and Ethereum (ETH) by a wide margin. Market observers attribute the rally to rumors of a crucial meeting scheduled for July 18, which could potentially end the prolonged legal battle between the SEC and Ripple .
The anticipation of this settlement has led to a noticeable decrease in XRP’s spot market sell pressure over the past week. Speculation about the outcome of the SEC and Ripple meeting has fueled bullish sentiment, propelling XRP’s price to reclaim the $0.60 level. This speculation was further amplified by comments from market participants who believe insider information is driving the recent price action.
At the time of writing on July 18, XRP price topped out at $0.64 within the daily timeframe, marking a 66% rally within the last 2-weeks alone. Meanwhile, BTC and ETH have only managed less than 20% upside respectively during this period.
This emphasizes that aside from the dominant positive sentiment within the crypto markets, XRP price has other internal bullish catalysts driving the price action this week.
Despite the optimism, some experts remain skeptical about the likelihood of a settlement. Former SEC lawyer Marc Fagel has downplayed the rumors, noting that numerous meetings between the SEC and Ripple have taken place without yielding a resolution. Fagel remarked,
“They’ve had about 150 of these nearly weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but It’s not the one”.
Nonetheless, the possibility of a favorable outcome has kept market participants optimistic.
A settlement could mark a pivotal moment for Ripple and the wider cryptocurrency market. It would not only resolve the legal uncertainties surrounding XRP but also set a precedent for how regulatory bodies approach other digital assets. Ripple’s ability to navigate this legal challenge successfully could bolster confidence in the company’s future prospects and the legitimacy of XRP as an asset accepted by institutional investors and regulators.
XRP Price Forecast: Another 30% Upswing to $0.70 On the Cards
XRP has seen a significant upswing, with its price recently reaching a three-month high of $0.61, largely driven by speculation around a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC), a long-standing legal battle that has heavily impacted XRP’s price movements.
On July 18, market observers anticipate a crucial meeting between the SEC and Ripple, which could potentially end the legal dispute and provide a substantial boost to XRP’s price.
The technical indicators from the chart highlight a strong bullish trend. XRP’s price has increased by 66.57% over the past 13 days, signaling a robust upward momentum.
The current price level of $0.5814 is well above the 0.618 Fibonacci retracement level at $0.4301, which serves as a strong support. This indicates that the bulls have firmly taken control, and any pullback is likely to find substantial buying interest around this level.
The Accumulation/Distribution Line (ADL) shows a steady increase, indicating that the buying pressure is outpacing selling pressure, a bullish signal for XRP. Additionally, the Relative Strength Index (RSI) is currently at 60.01, suggesting there is still room for further upward movement before the asset becomes overbought.
This presents an opportunity for XRP to push higher towards the next resistance level at $0.70, representing a potential 30% gain from the current price.
Key resistance levels to watch are the recent high at $0.6365 and the psychological barrier at $0.70. On the downside, support levels are seen at $0.50 and $0.4301. If the anticipated SEC settlement news turns out to be positive, XRP could break through these resistance levels and embark on another significant rally.
Traders should keep an eye on these levels and monitor any updates on the SEC-Ripple case, as they will likely have a substantial impact on XRP’s price trajectory.
