What’s Next for XRP Price Ahead of SEC Closed-Door Meeting?

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XRP Price

The XRP price has increased over the past week, making higher lows against horizontal resistance, forming an ascending triangle that may breakout to the upside. The price of XRP hovered around $0.60 during the European session on Thursday, a 0.2% decline in the last 24 hours. The XRP price analysis remains bullish as the market awaits the outcome of the SEC closed meeting scheduled for July 25, 2024, at 2:00 p.m. EST. 

The general speculation in the crypto community is a potential Ripple-SEC case settlement may be forthcoming. Nevertheless, there is no evidence to support his speculation, and it could turn out to be a classic sell-the-news event.

At the same time, the political landscape in the United States regarding cryptocurrencies has improved tenfold in the last month. Former President Donald Trump is already an outspoken supporter of Bitcoin and cryptocurrencies and will attend and speak at the Bitcoin Conference 2024.

Similarly, the recent speedy approval of spot Ethereum ETFs highlights a change in the U.S. government’s stance on crypto.

Open Interest, Volume Suggest Market is Bullish on XRP Price

Data from Coinalyze shows that the aggregated open interest (OI) for XRP increased by 9.54% in the last 24 hours, signifying that more investors are positioned in the asset. 

On July 9, the XRP OI hit its lowest level ($327.48M) since September 2023 amid a general market panic following the German Bitcoin sell-off. Since then, the OI has been up 79%.

According to CoinGecko, the XRP trading volume surged 34.4% in the last 24 hours, signalling a recent rise in market activity. 

Hashdex Nasdaq ETF Added XRP to Its List of Crypto Assets

According to its official website, the Hashdex Nasdaq Crypto Index ETF (HDEX.BH) is a fully physically backed ETF that tracks the Nasdaq Crypto Index ™ and offers diversified exposure to crypto assets. Hashdex submitted its S-1 form for the crypto index fund ETF on July 24 and will begin with ETH and BTC.

 

Hashdex has added XRP to its portfolio, bringing the total to 11 crypto assets. This development fuels further speculation and optimism concerning an XRP ETF coming soon.

XRP Price Analysis: Bulls Might Score 34% Rally if This Happens

XRP Price Analysis
XRP Price Analysis Chart

The overall trend for the price of XRP remains upward, following the earlier downtrend. The price is consolidating toward the resistance level at $0.631. If the price breaks above this level with substantial volume, it could indicate a bullish continuation. 

Our XRP analysis shows that key resistance levels to watch for on the upside include $0.649, $0.70, and $0.766. The price is trending above the 50-day and 200-day exponential moving averages (EMA), reinforcing the upward trend. A break below the ascending triangle and XRP may find support at the 200 EMA ($0.528) or lower at $0.47.

The post What’s Next for XRP Price Ahead of SEC Closed-Door Meeting? appeared first on CoinGape.

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