Amid speculation of a settlement between the SEC and Ripple, Ripple [XRP] recovered to the $0.6 level, a three-month high.
According to some market observers, a secret meeting between the SEC and Ripple scheduled for July 18 could end the long-running dispute between the two parties.
“XRP settles with SEC. Watch for July 18, 2024.”
Former SEC lawyer says Ripple won’t settle
However, former SEC lawyer Marc Fagel downplayed rumors of a settlement between the SEC and Ripple, noting that the agency has held several such meetings with Ripple, but none of them resulted in a final outcome to the ongoing litigation.
“I mean, they’ve had about 150 of these near-weekly meetings since the case was filed, and Crypto Twitter is convinced that a settlement is discussed in every single one of them, but this is definitely one of them! .. not one of them.”
However, some market participants are convinced that XRP’s sharp rise is related to insider or positive news about a potential settlement.
The move to $0.61 on the price chart marked a 7% daily gain and effectively reversed all losses from the second quarter.
On a monthly adjusted basis, XRP gained 30% in July, from $0.38 to over $0.60. This includes Bitcoin [BTC], which gained just 3% in the first half of July.
An additional 7% upside is possible if XRP convincingly reclaims the 38.6% Fib level ($0.61) and targets the next bullish target at the 23.6% Fib level ($0.66).
However, XRP hit a critical point (marked in red) in the bearish order block, which coincides with the 38.6% Fibonacci level. Moreover, the RSI (Relative Strength Index) is in the overheated zone. This means that buying power is strong, but exhaustion cannot be ruled out.
If it does, a retracement to the 50% Fibonacci level could provide another market re-entry point for sideline speculators to push the market higher to the 23.6% Fibonacci level.
XRP Participants’ Positions and Sentiment
The overall spot market shows a significant reduction in selling pressure, as evidenced by the decline in inflows to the past seven major exchanges.
At press time, the metric has dropped to $1.9 million from $739 million on July 10.
Meanwhile, participants have been long XRP since Monday, increasing futures long positions from 47% to 49%. The outcome of the July 18 meeting could determine whether the rally can continue.
(Personal opinion, not a recommendation)
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