XRP is volatile at the price range of $0.6000, up by 0.40% in the last 24 hours.
Ripple and SEC meeting on July 25 is speculated to end the long-running battle.
XRP has initiated a downside correction from the $0.6200 zone, amidst the anticipation surrounding an upcoming meeting between Ripple and the U.S. Securities and Exchange Commission (SEC).
Ripple CEO Brad Garlinghouse shared his optimism early in July that the years-long legal battle with the U.S. Securities and Exchange Commission (SEC) might end soon. A closed meeting with the SEC scheduled for July 25 is speculated to bring a potential settlement.
Meanwhile, in the last week, whales have bought over 140 million XRP, valued at approximately $84 million, as per the data by analyst Ali. The buying pressure coincided particularly with the landmark ruling by Judge Phyllis Hamilton in Ripple’s ongoing legal process. Moreover, Hamilton extended the deadline for excluding four expert testimonies until July 26 last week.
The community anticipates the settlement in a favorable way, and that could drive XRP’s price upward and lead to widespread adoption. The market eagerly awaits to clarify XRP’s regulatory status.
Will XRP Bounce Back?
According to CoinMarketCap, XRP’s monthly performance shows a 27.48% increase. The token was trading at a low of $0.4003 and a high of $0.635. Over the past week, the XRP price plummeted only by 0.07%. However, at the time of writing, the token was traded at $0.6008. The trading volume is noted at $33.59 billion, and the daily trading volume has dropped by 23.96%, staying at $1.60 billion.
XRP’s current bullish trend is showcased by the short-term 9-day MA of $0.5963 and the 21-day MA at $0.5195, standing below the current price. Furthermore, XRP’s daily RSI stands at 68.24, reflecting its closeness to the buy zone.
XRP Price Chart (Source: TradingView)
If the bulls become aggressive, the altcoin can break the significant resistance at $0.6455, and it will test the next resistance at $0.6835. If the bears win over the bulls, the price might bottom to $0.5705. Further loss of XRP may take the price to $0.5292.
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