XRP Price Soars Amid Speculation of SEC-Ripple Dispute Resolution
The Essentials at a Glance
Rumours of a possible settlement in the legal dispute between the US Securities and Exchange Commission (SEC) and Ripple have led to a notable increase in the XRP price. XRP reached a three-month high of $0.61, driven by speculation and a possible positive turn in the protracted legal dispute. However, as the rumour mill churns, experts and market observers remain cautious about the prospects of an imminent settlement.
Rumours and Their Impacts
Market speculation suggests that a secret meeting between the SEC and Ripple, scheduled for July 18, 2024, could signal the end of the legal dispute. These rumours have led to an increase in the XRP price, which completely reversed the losses of the second quarter and gained 7% within one day. In comparison, Bitcoin recorded only a 3% increase in the first half of July.
Skeptical Voices
Despite the positive market reaction, there are also skeptical voices. A former SEC lawyer, Marc Fagel, was reticent about the prospects of an imminent settlement. He pointed out that there have already been numerous meetings between the SEC and Ripple, none of which have led to a conclusive result.
Market Analysis and Future Prospects
Technical analysis shows that XRP has overcome a significant resistance zone at $0.61, corresponding to the 38.6% Fibonacci retracement level. A further increase to the 23.6% Fib level at $0.66 seems possible, should the positive trend continue. However, the Relative Strength Index (RSI) suggests caution, as overheating of the market cannot be ruled out.
Trader Sentiment and Market Pressure
Analyses of the spot market, especially on Binance, show a significant decrease in selling pressure over the last seven trading days. The inflows into the exchange have decreased from $739 million on July 10 to $1.9 million. Futures positions suggest that traders have been increasingly betting on rising prices since Monday.
Our Assessment
While rumours of a possible settlement between the SEC and Ripple can cause short-term price gains, the long-term perspective remains uncertain. History has shown that such speculations should be treated with caution. Investors should therefore closely monitor developments and not rely solely on unconfirmed rumours. The coming weeks could be crucial to see whether the recent price gains are sustainable or will have to give way to a correction.
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Sources: AMBCrypto, Coinglass, CryptoQuant, TradingView
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.54 |
| 24h % | -2.80 % |
| 7d % | 2.13 % |
| 30d % | -6.15 % |
| 60d % | -3.71 % |
| 1y % | 11.03 % |
| Official Links | Website |
| Socials | X |
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