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- Following the cancelation of the initially closed meeting between Ripple and the SEC, the two parties are set to meet again on July 25.
- With speculations about a potential settlement, XRP has experienced a significant price surge fueled by investor optimism.
The crypto community is once again on the edge with anticipation following the rescheduling of the Ripple-SEC closed meeting. Initially, the closed-door meeting was supposed to take place on the 18th but was subsequently canceled by the SEC. The postponed meeting which will transpire on the 25th has re-ignited speculations and interest leading to propelled XRP prices.
Reminiscing, the Ripple vs the U.S. SEC has been one of the most watched cases in the cryptocurrency landscape. The case that started in December 2020 has seen the regulatory agency, SEC, argue that XRP is an unregistered security. Ripple staunchly refutes these claims stating that XRP is a digital currency (token).
Ripple’s native token XRP, has experienced a significant surge in the past week gaining over 13% surpassing the broader crypto market, which saw a 10.99% increase to a total market cap of $2.428 trillion.
This significant surge can be solely attributed to the growing anticipation of a settlement between Ripple and the SEC.
A positive outcome could substantially boost XRP as retail and institutional investors take a greater interest. Additionally, If Ripple avoids an order prohibiting XRP sales to institutional investors, and the SEC ends its plans to appeal the rulings, XRP could see a substantial price increase. The ruling on Programmatic Sales of XRP, which classified XRP as a commodity rather than a security, is a hopeful precedent that puts Ripple a step closer to a win.
Settlement to Usher in XRP ETF
Focusing on the Programmatic Sales of XRP, if the SEC were to settle and agree on the sales ruling, this could pave the way for Spot Ethereum ETF. As earlier reported by CNF, Ripple CEO Brad Garlinghouse predicted that Spot Ethereum ETF could be launched by 2025.
A the time of writing, XRP is swapping hands with $0.6087 marking a 3.81% and 15.19% surge over the last 24 hours and the Past week respectively. While the rescheduling of the meeting led to a slight price decline, the recent price surge showcased a bullish momentum for XRP.
If a settlement is reached, XRP will be on the verge of a price rally. Analysts have come out strong suggesting that the $1 mark can be attained once there is a settlement hence legal clarity.
In support of the $1 dream, technical analysis supports this narrative of a bullish outlook for XRP. XRP is currently hovering above its 50-day and 200-day Exponential Moving Averages (EMAs), therefore showing strong signs of upward movement.
Additionally, a break above the $0.60 mark could support a move towards the $0.6609 resistance level. A successful breakout from this level might enable investors to target the $0.70 mark treading towards the $1 mark.
On the contrary, a break below the $0.5739 support level could bring the 200-day EMA into play, potentially leading to a drop towards the 50-day EMA if the SEC does not settle the case. However, with a 14-day Relative Strength Index (RSI) reading of 65.89, XRP has room to rise to the July 17 high of $0.6378 before entering overbought territory.
