What’s Next for XRP Price Ahead of SEC Closed-Door Meeting?

by

As a seasoned crypto investor with years of experience in the market, I have seen my fair share of price swings and regulatory developments. The recent surge in XRP‘s price has piqued my interest, as it seems to be forming an ascending triangle pattern that could lead to a potential breakout to the upside.

Over the past week, XRP‘s price has risen, creating higher lows against horizontal resistance and shaping an ascending triangle. This triangle could potentially result in a bullish breakout. On Thursday during European trading hours, XRP’s value was around $0.60, marking a 0.2% decrease in the previous 24 hours. The outlook for XRP remains optimistic as investors anxiously anticipate the SEC’s closed-door meeting scheduled for July 25, 2024, at 2:00 p.m. EST.

In the cryptocurrency world, there’s widespread belief that a settlement between Ripple and the Securities and Exchange Commission (SEC) might be announced soon. However, this assumption is not backed up by any concrete proof. It’s also possible that such an announcement could lead to a sell-off among investors, making it a potential sell-the-news situation.

Simultaneously, the political climate in the US towards cryptocurrencies has seen a significant shift over the past month. Notably, former President Donald Trump has openly expressed his support for Bitcoin and digital currencies and is scheduled to attend and deliver a speech at the Bitcoin Conference 2024.

The rapid acceptance of Ethereum ETFs on the stock market recently signifies a shift in the US government’s position towards cryptocurrencies.

Open Interest, Volume Suggest Market is Bullish on XRP Price

As a researcher analyzing data from Coinalyze, I’ve observed an uptick of 9.54% in the total open interest for XRP over the past 24 hours. This growth suggests that a larger number of investors have taken positions in this asset.

The XRP Options Open Interest (OI) reached a record low of $327.48 million on July 9, marking its lowest point since September 2023. This occurrence was triggered by a widespread market anxiety caused by the German Bitcoin sell-off. Subsequently, the OI has experienced an uptick of 79% since then.

Based on data from CoinGecko, the XRP trading volume experienced a notable increase of 34.4% within the past 24 hours, suggesting heightened market activity in recent times.

Hashdex Nasdaq ETF Added XRP to Its List of Crypto Assets

The Hashdex Nasdaq Crypto Index ETF (HDEX.BH) is a type of exchange-traded fund (ETF) that follows the Nasdaq Crypto Index and provides investors with a broad exposure to cryptocurrencies, specifically Ethereum (ETH) and Bitcoin (BTC). As stated on its official website, this ETF is fully collateralized, meaning it holds the actual crypto assets instead of using derivatives or futures contracts. Hashdex filed an S-1 form for this crypto index fund ETF on July 24th, marking the first step toward its launch.

HERE IT IS — The S-1 for the Hashdex Crypto Index Fund ETF!
It will start with ETH and BTC, then adding more assets in the future. (currently has XLM)
— Chad Steingraber (@ChadSteingraber) July 24, 2024

 

Hashdex now holds XRP as part of its collection, expanding its cryptocurrency offerings to a grand total of 11 digital assets. This announcement sparks renewed excitement and anticipation among investors, fueling widespread belief that an XRP Exchange-Traded Fund (ETF) could soon follow suit.

XRP Price Analysis: Bulls Might Score 34% Rally if This Happens

What’s Next for XRP Price Ahead of SEC Closed-Door Meeting?

Based on my extensive experience in analyzing cryptocurrency markets and observing the price trends of various digital assets, I can confidently say that XRP‘s overall trend has been upward lately. After a previous downtrend, the price is currently consolidating towards the resistance level at $0.631. Should this level be breached with significant trading volume, it would be a strong bullish signal for XRP’s continuation in the upward direction. My personal experience and expertise have taught me that such a move could potentially lead to further price appreciation for this cryptocurrency.

Based on our examination of XRP, it’s important to keep an eye on several potential resistance levels if the price continues to rise: $0.649, $0.70, and $0.766. The current trend indicates that the 50-day and 200-day exponential moving averages (EMAs) at $0.583 and $0.528 respectively, are lending support to the upward trajectory. Should XRP breach the ascending triangle, potential support levels could be the 200 EMA or even lower at $0.47.

Read More

2024-07-25 09:54