It’s never boring with XRP, even when the price isn’t moving much. But when the price starts pumping, that’s when things get really interesting for the XRP community.
It’s been a while since I’ve written this, but: XRP is currently the best performing altcoin among the top 100 coins by market cap today, with a 12% pump.
The XRP price has actually pumped around 18% this week, from $0.42 to now above $0.5. The market cap is now over $28 billion.
XRP hasn’t traded above $0.5 for over a month, so this is welcome news for holders.
SEC Announces a Secret Meeting on Thursday – Sources Say It’s About Ripple
A popular crypto analyst, Brett Hill, along with a few others, has reported on Twitter that the SEC is planning a private executive meeting at their Washington headquarters this Thursday, July 18, 2024.
According to Hill’s sources, this closed-door meeting is allegedly related to the ongoing Ripple vs SEC case, potentially involving resolutions and the finalization of the court proceedings.
BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the #Ripple vs #SEC resolutions and the finalization of the court case! #XRP pic.twitter.com/9lEy33mPaI
— Brett Hill (@Brett_Crypto_X) July 12, 2024
It’s important to note that nothing is official here, and the meeting could be about something else entirely.
However, the XRP community has definitely reacted positively to this news, propelling the price above the $0.5 mark.
Read also: Ripple’s XRP Looking Bullish: Analyst Predicts 60% Surge as Technical and Fundamental Factors Align
XRP Price Forecast
As you can see on the XRP/USD chart, this altcoin has been trading in a descending triangle pattern since early 2024.
Today’s pump, while significant, is not enough to break out of this channel. For that to happen, XRP would need to push above $0.6.
Source: TradingView
The price briefly dipped below this channel in early July when the market crashed but quickly rebounded above the line. The crucial $0.4 support level played a key role here.
However, the price is still trading below the 200-day moving average at $0.54. For any major moves to occur, the price first needs to flip this resistance and turn it into support.
Generally, when a coin is trading above its 200-day moving average and has it as strong support, it indicates an uptrend.
If the buying pressure continues through the weekend, XRP could potentially revisit the $0.6 area and break out of the descending triangle, which could be very positive for the broader picture.
Positive News, But Be Careful
The recent price action of XRP, coupled with rumors of a potential SEC meeting regarding Ripple, has certainly stirred up excitement in the XRP community.
While the pump is encouraging, note that you are never “here nor there” with XRP since any negative news on the Ripple vs SEC case can negatively affect the price.
That being said, if we we here some official positive news no this case next week, the price could easily break $1 level which would be over 100% increase from the current levels.
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