No one within the XRP community expected the SEC to cancel a gathering behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.
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Crypto Community Clueless On Meeting Cancellation
There was an obvious shakeup within the cryptocurrency market due to sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.
There’s a variety of talk out there that the SEC’s decision may need something to do with the means of approving spot Ethereum ETFs.
A few of these funds have already been given preliminary approvals and were purported to start trading next week. The US regulator can have canceled the meetings as a wise move in light of those events.
XRP market cap currently at $30.9 billion. Chart: TradingView.com
Market Experts Keep A Close Eye On The Altcoin
Technical experts are paying close attention to how the worth of XRP changes on this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.
The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The primary pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, an increase of virtually 43,000%.
$XRP (Ripple) is RIGHT NEAR some extent of BREAKOUT 🤯!
A breakout has the potential to spark a greater than 300X, 2017 Style bull move into the $100s… https://t.co/fFRvHYITYn pic.twitter.com/sDJWAJcZ8A
— JAVON⚡️MARKS (@JavonTM1) July 17, 2024
If the past is any indication, one other rise could possibly be coming soon. Based on Javon’s prediction, the worth of XRP could climb to a level above $237. Regardless that this prediction may be very high, it suits with how things have been prior to now and shows that things could go up from where they are actually.
XRP: Resistance And Support
The technical indicators at hand provide XRP buyers with a mixed bag of knowledge. When it comes to support, the altcoin continues to be higher above the 50% Fibonacci retracing line and the 100-hour Easy Moving Average. Strong support is spotted at $0.5820 and $0.5850. These figures are quite significant as they highlight major areas where the worth may settle and possibly even rise.
XRP up within the last week. Source: Coingecko
Alternatively, the coin meets strong opposition at different levels. Straight away, there may be resistance around $0.620. There are also larger blocks at $0.6350, $0.6420, and possibly even $0.6550 and $0.680.
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If there may be a transparent break above these support levels, more gains could occur. But when XRP fails to interrupt through these levels, there could also be a drop to the downside. The worth is probably going to seek out support near $0.600, and it’s going to likely go down much more if it falls below $0.5850.
Featured image from Quick Suggestions, chart from TradingView