On July 18, the SEC called off a meeting that was going to happen behind closed doors but didn’t say why. The people who use XRP were shocked by this. A lot of people think that this change might have something to do with how spot Ethereum ETFs are cleared.
The quick change has made the bitcoin market very chaotic. XRP, Ripple’s own coin, dropped 8% to a 24-hour low of $0.58. At first, trading volume went down, but then it went up by 20%. This shows that buyers are still interested in the coin, even though the market isn’t clear.
People in the market have said that the SEC’s action may have something to do with the fact that spot Ethereum ETFs were approved. A preliminary OK has already been given to some of these ETFs, and they were meant to begin trading next week.
XRP Faces Strong Resistance
Given what happened, some people think that the regulatory body’s choice to call off the talks was the right thing to do.People who work in technology are paying close attention to how the price of XRP changes in this uncertain market.
There is a trend on the charts that looks a lot like XRP’s recent run up. The analyst’s name is Javon. The uniform triangle pattern has been getting major since 2018. It looks a lot like the trend from 2014 to 2017 when XRP went from about $0.005 to a high point of $3.347, a huge increase of 43,000%.
If things go like they have in the past, there may be another rise soon. Javon believes XRP could reach more than $237. It seems like there is room for major wins because this major prediction fits with how things have worked in the past.
There are mixed technical signs for people who buy XRP. A new coin is still higher than the 50% Fibonacci line and the 100-hour simple moving average. At $0.5820 and $0.5850, it has strong support. These lines are very important because they show where the price might stop falling and begin to rise again.
On the other hand, XRP faces strong resistance in a number of area. Rough spot is around $0.620 right now. There are also limits at $0.6350, $0.6420, and maybe even $0.6550 and $0.680.
More gains might happen if there is a clear break above these levels of support. But there could be a falling trend if these barriers aren’t taken down. Support is likely to be around $0.600, and it could go even lower if it drops below $0.5850.
