XRP is holding steady above $0.60 after a recent dip and awaits the Ripple and SEC settlements.
Ripple’s partner, SBI Holdings, plans to enter the ETF market with Franklin Templeton, fueling speculation about a possible XRP ETF.
XRP is currently exiting the downward correction and holding steady above the $0.60 zone as market participants eagerly await a pivotal meeting between Ripple and the U.S. Securities and Exchange Commission (SEC). The cryptocurrency experienced a notable ascent over the past week, forming a bullish ascending triangle pattern and peaking at $0.63 before encountering resistance.
The market is optimistic about the SEC’s closed-door meeting on July 25, 2024, which could lead to a settlement between Ripple and the regulatory body. This anticipation has kept XRP’s price above the $0.60 support level.
Further, Ripple’s strategic partner, SBI Holdings, is in the spotlight as it plans to enter the ETF market in collaboration with U.S. investment firm Franklin Templeton. This development has sparked speculation about the possibility of an XRP ETF, given SBI’s close ties with Ripple, which holds a significant portion of XRP.
XRP Trend Analysis
At the time of writing, XRP is trading at $0.6198 with a market cap of $33.94 billion. Over the past week, the token has surged by around 55%, while daily trading volume has increased by over 17%, reaching $2 billion. Additionally, the aggregated open interest for XRP has risen by over 9% in the past 24 hours, indicating growing investor interest.
Technically, XRP has extended its gains above the $0.6250 resistance level and reached a high of $0.6330 before facing a downturn. A bullish trend line is forming with support around $0.5950, which aligns with the 76.4% Fibonacci retracement level of the recent upward movement.
If XRP continues its upward trend, it might encounter immediate resistance at $0.6198, with further resistance around $0.6250 and $0.6320. A breakthrough above $0.6320 could push the price toward $0.6543 and potentially trigger a rally above the yearly high of $0.718. Conversely, if the token fails to hold its foot above $0.5950, it may drift lower, with initial support near $0.5821 and key support at $0.5548.
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