XRP sees a significant price pump following news of a secret SEC meeting, rumored to be about the Ripple case. This potential resolution has sparked excitement within the XRP community, propelling the price above $0.5.
Points
- XRP price rises significantly amid rumors of a secret SEC meeting.
- The meeting is allegedly related to the ongoing Ripple vs SEC case.
- The XRP community reacts positively, driving the price above $0.5.
- Potential for further price increases if the meeting results in positive news.
XRP has always been a source of excitement for its community, and recent developments have only added to the buzz. The price of XRP saw a significant pump, rising above $0.5 for the first time in over a month, following rumors of a secret SEC meeting allegedly related to the ongoing Ripple vs SEC case.
SEC Announces a Secret Meeting on Thursday:
A popular crypto analyst, Brett Hill, along with a few others, has reported on Twitter that the SEC is planning a private executive meeting at their Washington headquarters this Thursday, July 18, 2024. According to Hill’s sources, this closed-door meeting is allegedly related to the Ripple vs SEC case, potentially involving resolutions and the finalization of the court proceedings.
BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the #Ripple vs #SEC resolutions and the finalization of the court case! #XRP pic.twitter.com/9lEy33mPaI
https://twitter.com/Brett_Crypto_X/status/1811892942652465370
While nothing is official yet, and the meeting could be about something else entirely, the XRP community has reacted positively to this news, driving the price above the $0.5 mark.
XRP Price Forecast:
As seen on the XRP/USD chart, this altcoin has been trading in a descending triangle pattern since early 2024. Today’s pump, while significant, is not enough to break out of this channel. For that to happen, XRP would need to push above $0.6.
The price briefly dipped below this channel in early July when the market crashed but quickly rebounded above the line. The crucial $0.4 support level played a key role here. Generally, when a coin is trading above its 200-day moving average and has it as strong support, it indicates an uptrend. If the buying pressure continues through the weekend, XRP could potentially revisit the $0.6 area and break out of the descending triangle, which could be very positive for the broader picture.
Positive News, But Be Careful:
The recent price action of XRP, coupled with rumors of a potential SEC meeting regarding Ripple, has certainly stirred up excitement in the XRP community. If official positive news emerges next week, the price could easily break the $1 level, representing over a 100% increase from current levels. However, investors should remain cautious and stay updated with official announcements.
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