XRP Soars Amid Settlement Speculations with SEC
Table of contents
Settlement Rumors Intensify
Market observers speculate that a secret meeting between the SEC and Ripple on July 18th could resolve the long-standing legal battle. Despite these rumors, former SEC lawyer Marc Fagel remains skeptical, noting that previous meetings have not led to a settlement.
Market Reactions and Trading Activity
The recent upswing in XRP’s price could be linked to insider news of a potential settlement or other positive developments. The cryptocurrency saw a significant reduction in selling pressure over the past week, with Exchange Inflow dropping from $739 million on July 10th to just $1.9 million.
Futures traders have also shown increased optimism, with long positions on XRP rising from 47% to 49% since Monday. The outcome of the July 18th meeting is anticipated to be a crucial factor in determining whether the rally will continue.
Technical Analysis and Future Prospects
XRP’s price movement showed a reclaiming of the 38.6% Fibonacci level ($0.61), with the next bullish target at the 23.6% Fibonacci level ($0.66). However, the Relative Strength Index (RSI) indicates potential buyer exhaustion, suggesting that a retracement to the 50% Fibonacci level could provide a new entry point for speculators.
As traders watch closely, the outcome of the anticipated SEC meeting could significantly influence XRP’s market trajectory. The crypto community remains on high alert for any official announcements that could either sustain the rally or trigger a correction.