[SEC meeting sparks speculation, XRP price stabilizes above $0.63]
Recently, XRP price has been trading within a tight range and entered a period of consolidation, currently holding steady above $0.63, up 3% over the past week. Despite the decline in the overall crypto market, XRP is still holding near the $0.60 support, which may be related to the upcoming closed-door meeting of the United States Securities and Exchange Commission (SEC). The meeting is scheduled to take place on August 1, 2024 at 2pm ET, with market speculation that the outcome of the meeting may affect XRP performance.
On Binance, technical indicators for XRP/USDT are showing a positive trend. The MACD indicator shows a slight bullish divergence with the MACD line at 0.0012 and the signal line below 0.0019. The RSI is 68, which indicates it may be overbought. The 20-day exponential moving average (EMA) is above the 50-day EMA, further supporting bullish sentiment and signaling a strengthening uptrend.
If the market’s upward momentum continues, XRP price could reach $0.65 and break above $0.70 on the next bullish move.
According to a report by Whale Alert, there have been multiple recent XRP transfers from Binance to private wallets. In the past 24 hours, major investors moved 70 million XRP worth $42.48 million through three transactions, showing confidence in the future of the cryptocurrency. Investors moving tokens to private wallets often reflect expectations of price increases, a behavior common during bullish market conditions.
While the bullish outlook for XRP is legitimate, investors need to be aware of the risk of a sudden increase in selling pressure. If XRP fails to hold the $0.60 support, it could drop to $0.58 or even further to $0.55.
