XRP Price Analysis: Bullish Momentum Ahead of SEC Meeting

XRP Price Analysis: Bullish Momentum Ahead of SEC Meeting

XRP has experienced a price increase over the past week, forming higher lows against horizontal resistance and creating an ascending triangle that may lead to an upward breakout. As of Thursday’s European session, XRP traded around $0.60, marking a 0.2% decline in the last 24 hours. Despite this, the overall sentiment remains bullish as the market anticipates the outcome of the SEC’s closed meeting scheduled for July 25, 2024, at 2:00 p.m. EST.

Speculation within the crypto community suggests a potential settlement in the Ripple-SEC case. However, this remains unconfirmed and could result in a classic sell-the-news event.

The US Political-Crypto Landscape and Its Impact on XRP

The political environment in the United States regarding cryptocurrencies has significantly improved over the past month. Former President Donald Trump, a vocal supporter of Bitcoin and cryptocurrencies, is slated to speak at the Bitcoin Conference 2024.

Additionally, the recent rapid approval of spot Ethereum ETFs signifies a shift in the U.S. government’s stance on crypto. Nonetheless, the current ruling party has not been favorable toward digital assets. Vice President Kamala Harris recently declined an invitation to speak at the Bitcoin Conference 2024, which starts today.

SEC Chair Gary Gensler, known for his affiliation with the Democratic Party, has been notably critical of the crypto industry. If the SEC meeting does not lead to a settlement, it could trigger a sell-the-news event, potentially affecting XRP prices.

Market Indicators Point to Bullish Sentiment for XRP

Data from Coinalyze indicates that the aggregated open interest (OI) for XRP has increased by 9.54% in the last 24 hours, suggesting more investors are taking positions in the asset. On July 9, XRP’s OI hit its lowest level ($327.48M) since September 2023 due to market panic following the German Bitcoin sell-off. Since then, OI has risen by 79%.

According to CoinGecko, XRP’s trading volume has surged by 34.4% in the last 24 hours, reflecting a rise in market activity.

Hashdex Nasdaq ETF Adds XRP to Its Portfolio

Hashdex, through its official website, announced that its Nasdaq Crypto Index ETF (HDEX.BH), a fully physically backed ETF tracking the Nasdaq Crypto Index™, has added XRP to its portfolio, now totaling 11 crypto assets. Hashdex filed its S-1 form for the crypto index fund ETF on July 24 and will initially include ETH and BTC. This addition has sparked further speculation and optimism about a potential XRP ETF.

XRP Price Forecast: Potential for a 34% Rally

The overall trend for XRP remains bullish, following a previous downtrend. The price is consolidating near the resistance level of $0.631. A breakout above this level with significant volume could signal a bullish continuation.

Key resistance levels to watch include $0.649, $0.70, and $0.766. XRP is trending above its 50-day and 200-day exponential moving averages (EMA), reinforcing the upward trend. Should the price fall below the ascending triangle, support may be found at the 200 EMA ($0.528) or lower at $0.47.