Ripple’s XRP has surged to $0.63, reaching a three-month high, before settling slightly lower. This spike comes amid rumors of a possible settlement between Ripple and the U.S. Securities and Exchange Commission (SEC). The market is abuzz with speculations of a secret meeting scheduled for July 18th, potentially ending the long-standing legal battle.
Quick Take
-
XRP hits a three-month high of $0.63, reclaiming the $0.6 level. XRP outperforms Bitcoin with a 30% rise in July.
-
Market rumors suggest a potential settlement between Ripple and the SEC. But Former SEC lawyer Marc Fagel dismisses settlement speculation.
XRP Reclaims $0.6 Level Amid SEC Settlement Speculation
Former SEC lawyer Marc Fagel has downplayed the settlement rumors, noting that similar meetings have taken place without any resolution. Despite his skepticism, many market participants believe the recent XRP pump is linked to insider news of a favorable outcome.
XRP’s performance in July has been remarkable, with a 30% rise from $0.38 to above $0.6, outpacing Bitcoin’s modest 3% increase. This surge has reversed all losses incurred in Q2, marking a significant recovery for XRP.
Despite the bullish momentum, XRP faces potential resistance. The coin hit a key bearish order block aligned with the 38.6% Fibonacci level. Additionally, the Relative Strength Index (RSI) indicates buyer exhaustion, suggesting a possible retracement to the 50% Fibonacci level. This could offer a re-entry point for sidelined speculators.
XRP Short-Term Price Analysis: Volatility Between $0.59 and $0.63
In the short term, XRP has experienced significant volatility, fluctuating between $0.59 and $0.63. The sharp drop to around $0.59 highlights the high volatility often seen in crypto markets, emphasizing the need for caution among traders.
XRP exchange inflows | Source: CryptoQuant
The overall spot market shows significantly reduced selling pressure, with a notable drop in exchange inflow from $739 million on July 10th to $1.9 million. Concurrently, traders have increased their long positions, with futures longs rising from 47% to 49%.
Can XRP Price Rise Over $20?
XRP price prediction | Source: X
Crypto analyst Armando Pantoja predicts substantial price increases for XRP, potentially reaching $3.84, then $12.75, and eventually $20.30. These predictions are based on XRP’s consolidation within a long-term triangle pattern, often a precursor to major price movements.
A detailed analysis of XRP’s long-term price chart highlights key historical and projected trends. The descending resistance line from the 2018 peak and the ascending support line from the 2020 low form a triangle pattern, indicating a consolidation phase. This pattern suggests an impending breakout or breakdown, aligning with Pantoja’s bullish predictions.
100k+ Wallets Hold Over 85% of XRP Supply
On-chain data from Santiment reveals that sharks and whales now hold over 85% of XRP’s total supply, reaching a new all-time high in balance. This accumulation, regardless of price movements, is a positive sign for XRP’s long-term prospects.
XRP’s social sentiment | Source: Santiment
Despite the bullish long-term outlook, short-term sentiment on social media has become overly positive. Historically, such hype can lead to market corrections. Conversely, Cardano (ADA) shows highly negative sentiment, which could be a bullish sign for it.
Conclusion: A Watchful Eye on July 18th
As XRP approaches the critical July 18th meeting, the market remains watchful. The outcome could significantly impact XRP’s price trajectory. With major investors accumulating and technical indicators suggesting possible retracement, the coming weeks will be crucial for XRP.
