XRP outlook amidst SEC vs Ripple updates
Ripple (XRP) reclaimed a $0.6 level, a three-month high, amid speculations of a settlement between the US Securities and Exchange Commission (SEC) and Ripple.
According to some market observers, a secret meeting between SEC and Ripple scheduled for 18th July could end the long-running legal battle between the two parties.
However, a former SEC lawyer, Marc Fagel, downplayed the SEC-Ripple settlement rumors. He noted that the agency has held several such meetings with Ripple, none of which resulted in a conclusive endgame for the ongoing lawsuit.
Still, some market participants were convinced the massive XRP pump was linked to insider news of a potential settlement or positive news.
The upswing to $0.61 on the price chart marked a +7% daily gain and effectively reversed all losses made in Q2.
On a monthly adjusted basis, XRP was up 30% in July after rallying from $0.38 to above $0.6. This performance eclipsed the rest of the market, including Bitcoin (BTC), which was up only 3% in the first half of July.
If XRP convincingly reclaimed the 38.6% Fib level ($0.61) and eyes the next bullish target at 23.6% Fib ($0.66), an extra 7% gain would be likely.
However, XRP hit a key in a bearish order block, marked in red, which aligned with the 38.6% Fib level. Additionally, the RSI (Relative Strength Index) was in the overheated territory. This meant that buying was strong, but buyer exhaustion couldn’t be ruled out.
If so, a retracement to the 50% Fib level could offer side-lined speculators another market re-entry point to ride the rally to the 23.6% Fib level.
Meanwhile, traders went long on XRP since Monday, with the futures long positions increasing from 47% to 49%. The outcome of the July 18th meeting could determine whether the rally will be sustained or not.
According to some market observers, a secret meeting between SEC and Ripple scheduled for 18th July could end the long-running legal battle between the two parties.
However, a former SEC lawyer, Marc Fagel, downplayed the SEC-Ripple settlement rumors. He noted that the agency has held several such meetings with Ripple, none of which resulted in a conclusive endgame for the ongoing lawsuit.
Still, some market participants were convinced the massive XRP pump was linked to insider news of a potential settlement or positive news.
The upswing to $0.61 on the price chart marked a +7% daily gain and effectively reversed all losses made in Q2.
On a monthly adjusted basis, XRP was up 30% in July after rallying from $0.38 to above $0.6. This performance eclipsed the rest of the market, including Bitcoin (BTC), which was up only 3% in the first half of July.
If XRP convincingly reclaimed the 38.6% Fib level ($0.61) and eyes the next bullish target at 23.6% Fib ($0.66), an extra 7% gain would be likely.
However, XRP hit a key in a bearish order block, marked in red, which aligned with the 38.6% Fib level. Additionally, the RSI (Relative Strength Index) was in the overheated territory. This meant that buying was strong, but buyer exhaustion couldn’t be ruled out.
If so, a retracement to the 50% Fib level could offer side-lined speculators another market re-entry point to ride the rally to the 23.6% Fib level.
Meanwhile, traders went long on XRP since Monday, with the futures long positions increasing from 47% to 49%. The outcome of the July 18th meeting could determine whether the rally will be sustained or not.
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