The U.S. Securities and Exchange Commission (SEC) has rescheduled a closed meeting for July 25, 2024.
The rumors in the crypto community are still that this meeting is about Ripple and a potential settlement with them. SEC has previously cancelled the meeting earlier this week.
XRP price woke up today again with another 8% surge. In fact, XRP is now recovering losses from the previous couple of days and is back around $0.6 area.
The price got rejected here earlier this week. XRP price actually pumped from $0.4 to $0.63 this month – a 57.5% increase. All these news about SEC definitely helped fueled this pump.
Source: sec.gov/meetings
This recent price action was analyzed by many crypt oanalyst, including popular YouTuber Cryptoinsightuk.
XRP Price Action
In his update from Vienna, Cryptoinsightuk provided an analysis of XRP’s performance and its potential to trigger a broader altcoin rally.
According to him, XRP’s impressive 50% surge over the past week is just the beginning.
He also pointed out that the the daily timeframe shows signs of being overbought, which could lead to a short-term pullback. However, the hourly and 4-hourly charts present a mixed but generally positive outlook.
Source: CoinMarketCap/XRP
Cryptoinsightuk highlights key levels to watch for XRP against both Bitcoin and Ethereum.
A daily close above 0.692 BTC or 0.00001934 ETH could signal an upward movement for XRP, potentially sparking what many in the crypto space refer to as an “altseason.”
The video also delves into XRP’s historical patterns, noting that the token tends to experience substantial price jumps after periods of consolidation.
If these patterns hold true and XRP breaks through key resistance levels, Cryptoinsightuk suggests we could see a move towards the $1.20-$1.28 range in the near term.
Even more intriguing are the long-term projections presented in the video. Cryptoinsightuk speculates that if XRP can break above previous resistance levels, we could potentially see prices reaching the $13-$18 range in the long term.
However, it’s crucial to remember that such projections are speculative and subject to numerous market factors.
Read also: What Will 1,000 Ripple’s XRP Tokens Be Worth in 2025?
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