As a seasoned analyst with years of experience in the cryptocurrency market, I have seen my fair share of price movements and market dynamics. The recent stagnancy in XRP‘s price following President Biden’s election withdrawal announcement was an interesting development. While Bitcoin remained relatively unaffected, XRP experienced a slight decline against Bitcoin, with the XRP/BTC pair dropping 0.79%.
As a crypto investor, I observed that the XRP price showed no significant movement just hours following President Biden’s announcement about withdrawing from the 2024 elections. Contrastingly, Bitcoin experienced a minimal dip due to the same news. The XRP/BTC pair saw a decrease of 0.79% on Sunday, with XRP losing some ground against Bitcoin. Market rumors suggest that the rescheduled Ripple-SEC private meeting, now set for July 25 instead of July 18, could potentially bring about a resolution.
XRP Price Remains Bullish Against Bitcoin As Eventful Week Kicks Off
As an analyst, I’ve been closely monitoring the XRP/BTC price chart, and I noticed that it has been on a downward trend since the beginning of the year. However, there was a significant low established in June, following the market-wide recovery. The recent short-term uptrend is an indicator of potential reversal for XRP, as its price has now surpassed the 50-day simple moving average (represented by the green line).
Analyzing XRP‘s price movement, we discovered that it has formed a support level at approximately 0.0000665 BTC. A drop below this mark could signal bearish sentiment for the XRP-BTC pair. The previous surge in XRP value against Bitcoin encountered resistance at the 200-day Simple Moving Average (SMA), which is located at 0.0000971 BTC, before experiencing a pullback. Additional resistance can be found around the current price point of 0.0000882 BTC.
The XRP to USD graph indicates a bullish pattern as the asset currently hovers above its 50-day simple moving average (SMA) and 200-day SMA. However, the XRP price is approaching a resistance area around $0.65. A successful breach of this level could potentially push it further up to $0.75 and eventually toward $0.93.
In simpler terms, the surge in price and increased trading activity suggests robust demand. Yet, the volume drop during the current price stabilization signals a potential requirement for further buying power to surpass the 200-day moving average.
The price of Bitcoin against the US Dollar is surging upward, with a goal to reach the $72,000 threshold, based on statistics from Bitinfocharts indicating that the typical transaction fee on the network has touched its lowest point over the past half-year.
The Bitcoin price is currently surging beyond both the 50-day simple moving average (SMA) and 200-day SMA, indicating a robust uptrend. Furthermore, the relative strength index (RSI), which measures the price action momentum, is approaching the overbought threshold, signaling potential further gains.
Weekly Bullish Catalysts: Ripple-SEC Closed Meeting, Bitcoin Conference, ETH ETF
The starting week is full of crypto-catalyst events that may result in price volatility.
- July 23 – Spot Ethereum ETFs begin trading, potentially capturing huge volumes and triggering bullish sentiment in the general market.
July 25-27—The Bitcoin 2024 conference kicks off on July 25 in Nashville. Former President Donald Trump will speak at the meeting on the last day.
July 25—The Ripple-SEC closed-door meeting will take place on this day. A pro-XRP lawyer says, “The case could end by the end of July 2024.”
This week, These events are expected to kick-start the crypto bull market in 2024–2025.
Bottom Line
The relationship between XRP and Bitcoin becomes ambiguous as the Ripple-SEC case’s decision date is pushed back to July 25. This postponement coincides with a weakening of bearish forces on Bitcoin, leading to an intriguing market situation. A decisive surge above 0.0000971 BTC could signal the commencement of a long-term bullish trend for XRP/BTC. The resolution of the ongoing legal dispute and Bitcoin’s price movements will significantly influence the direction of the XRP/BTC ratio in the forthcoming weeks.
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2024-07-22 09:21