Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.
Crypto Community Clueless On Meeting Cancellation
There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.
There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs.
Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events.
XRP market cap currently at $30.9 billion. Chart: TradingView.com
Market Experts Keep A Close Eye On The Altcoin
Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.
The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%.
$XRP (Ripple) is RIGHT NEAR a point of BREAKOUT 🤯!
A breakout has the potential to spark a more than 300X, 2017 Style bull move into the $100s… https://t.co/fFRvHYITYn pic.twitter.com/sDJWAJcZ8A
— JAVON⚡️MARKS (@JavonTM1) July 17, 2024
If the past is any indication, another rise could be coming soon. According to Javon’s prediction, the price of XRP could climb to a level above $237. Even though this prediction is very high, it fits with how things have been in the past and shows that things could go up from where they are now.
XRP: Resistance And Support
The technical indicators at hand provide XRP buyers with a mixed bag of data. In terms of support, the altcoin is still higher above the 50% Fibonacci retracing line and the 100-hour Simple Moving Average. Strong support is spotted at $0.5820 and $0.5850. These figures are quite significant as they highlight major areas where the price may settle and maybe even rise.
On the other hand, the coin meets strong opposition at different levels. Right now, there is resistance around $0.620. There are also bigger blocks at $0.6350, $0.6420, and possibly even $0.6550 and $0.680.
If there is a clear break above these support levels, more gains could happen. But if XRP fails to break through these levels, there may be a drop to the downside. The price is likely to find support near $0.600, and it will likely go down even more if it falls below $0.5850.
Featured image from Quick Tips, chart from TradingView