As a seasoned crypto investor with years of experience navigating the volatile market, I’ve seen my fair share of sudden shifts and unexpected developments. But even for someone like me, the recent cancellation of the SEC meeting without any clear explanation left the XRP community clueless and on edge.
In the XRP community, it came as a surprise that the SEC chose to call off their scheduled July 18th meeting in private without providing an explanation. Some speculate that this decision could be linked to the ongoing application process for Ethereum spot ETFs.
Crypto Community Clueless On Meeting Cancellation
As a crypto investor, I’ve noticed some significant shifts in the market lately, leading to a noticeable downturn for XRP. The coin dropped by around 8% to hit a low of $0.58 within the past day. Despite the decline in trade volume, there was a surprising increase of approximately 20% in XRP’s trading activity. This surge suggests that investors remain engaged and interested in the asset despite the ongoing uncertainties.
In the financial community, there’s widespread discussion that the Securities and Exchange Commission (SEC)’s recent decision could influence the outcome of applications for spot Ethereum exchange-traded funds (ETFs).
Certain funds received tentative approvals and were scheduled to begin trading next week. The American regulatory body’s decision to call off the upcoming meetings could be strategically prudent given the recent developments.
Market Experts Keep A Close Eye On The Altcoin
As a technical expert, I’m closely monitoring the volatile market conditions and observing how the price of XRP is responding. Notably, I’ve identified a chart pattern that bears a striking resemblance to XRP’s latest bull run. As Javon, an esteemed analyst, would put it: “I’m keeping a watchful eye on the market instability and have noticed a chart formation in XRP’s price action that mirrors its recent bullish trend.”
As a researcher studying the price trends of XRP, I’ve observed an intriguing pattern. Since 2018, this symmetrical triangular formation has been expanding. This expansion mirrors the trend from 2014 to 2017. The earlier pattern was marked by a swift increase that propelled XRP from a mere $0.005 to an astounding peak of $3.347, representing a staggering rise of nearly 43,000%.
$XRP (Ripple) is RIGHT NEAR a point of BREAKOUT !
A breakout has the potential to spark a more than 300X, 2017 Style bull move into the $100s…
— JAVONMARKS (@JavonTM1) July 17, 2024
Based on historical trends, there’s a strong possibility that XRP‘s price may surge beyond $237 as per Javon’s forecast. Despite this prediction appearing quite lofty, it aligns with past market behavior and suggests potential for further growth from the current position.
XRP: Resistance And Support
XRP buyers encounter a variety of signals from the technical indicators currently available. The altcoin remains above key support levels, including the 50% Fibonacci retracement line and the 100-hour Simple Moving Average. Notable support can be found at $0.5820 and $0.5850. These levels are particularly important as they represent potential price stabilization points that could potentially lead to further growth.
From a contrary perspective, the coin encounters considerable opposition at various price points. Currently, there is significant resistance around $0.620. Additionally, there are sizeable obstacles at $0.6350, $0.6420, and potentially even at $0.6550 and $0.680.
Should these support levels be decisively surpassed, further upward momentum is possible for XRP. Conversely, if XRP struggles to rise above these thresholds, there’s a risk of seeing prices decrease. The price may find solace around the $0.60 mark, but a fall below $0.5850 could lead to additional declines.
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2024-07-19 19:16