XRP Price Consolidates Ahead of Key Week as SEC Settlement Nears
- The private meeting on July 25th will be likely the last straw in the long-running battle with SEC.
- If the price manages to go past $0.60, then it will likely test $0.64 resistance level.
According to Ripple CEO Brad Garlinghouse, the firms protracted legal battle with the SEC is nearing its conclusion. He recently dropped hints in an interview that the private meeting on July 25th will be the last straw in the long-running battle between Ripple and the SEC.
An ongoing dispute between Ripple and the SEC has persisted for a long time regarding the classification of Ripples digital asset, XRP, as a security. A court has now agreed with Brads long-held position that XRP is not a security.
When questioned about his meetings with Bidens team, Brad brought up a recent crypto roundtable in the nations capital that was attended by Republicans and Democrats alike. Finally lifting the cloud that has hung over XRP for years, a favorable or at least less detrimental conclusion might boost its performance, particularly in optimistic market circumstances.
An increase in the volume of transactions on Ripple (XRP) was noticeable. The widespread use of micropayments on the XRP Ledger may be to blame for this.
High Volatility Expected
At $0.585, the mid-range level turned into support. Further evidence of heavy purchasing pressure during the price increase was the OBVs clearance of the local highs from May.
In addition, the relative strength index (RSI) was much higher than neutral 50, indicating bullish momentum. At the time of writing, XRP is trading at $0.5864, down 0.84% in the last 24 hours. Moreover, the trading volume is down 24.69%. However, the price is up 10.41% in the last 7 days. The price is consolidating in a tight range, and a breakout rally is anticipated if the settlement with the SEC is witnessed.
If the price manages to go past $0.60, then it will likely test $0.64 resistance level. Conversely, if the price manages to go below $0.57, then it will likely test $0.54 support level.
Read more: https://thenewscrypto.com/xrp-price-consolidates-ahead-of-key-week-as-sec-settlement-nears/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
