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BTC$75033
ETH$2820
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XRP$0.55
There are currently many rumors circulating about a secret meeting held by the U.S. Securities and Exchange Commission (SEC), and these rumors could significantly impact the price of XRP. The key questions on everyone’s mind are whether Ripple can win its lawsuit against the SEC and whether XRP can reach the coveted €1 mark.
XRP has recently faced a challenging period. While major cryptocurrencies like Bitcoin and Ethereum have surged by around 60% over the past 12 months, Ripple seems to have remained stagnant. However, news related to the progress of the SEC-Ripple lawsuit could serve as a major catalyst for price movement. Consequently, speculation about the upcoming secret meeting has sparked considerable interest in the cryptocurrency market.
Although the SEC meeting agenda has not been publicly disclosed, there are widespread rumors that it pertains to the long-standing Ripple lawsuit. JackTheRippler has further amplified these speculations through a recent XRP forum post:
“This non-public meeting will not be accessible to the general public, so XRP investors must patiently await the outcome. Over the years, this lawsuit has cast a shadow on XRP’s potential, and much depends on the resolution of this legal battle. A favorable settlement could lead to a substantial price surge.”
XRP Price Analysis – Can Ripple Reach €1?
As of now, XRP is trading at approximately $0.61. Whether it can reach its historical high of €1 depends on breaking through the resistance level at $0.70. The upcoming Bitcoin halving event and the potential settlement in the SEC-Ripple lawsuit could act as catalysts for a price rally.
The fundamentals for XRP still appear optimistic. The Relative Strength Index (RSI) hovers in the neutral zone with a value of 50, suggesting there is room for further upside. Additionally, the MACD histogram provides a buy signal with a value of -0.00209. Both short-term and long-term perspectives indicate that XRP’s current price is above its major EMAs.
Looking upward, XRP faces resistance at the $0.621 level. Once the price surpasses this level, we can expect to see resistance at $0.63 and $0.648. On the downside, immediate support is anticipated around $0.604, which could prevent further declines during potential consolidation. If the price breaks below this level, further support lies at $0.595 and $0.587.
While XRP shows potential for a rebound, its realization depends on external factors. Key developments to watch include the upcoming Bitcoin halving and the outcome of the Ripple lawsuit. Uncertainty remains for XRP enthusiasts in the near future.
Sentiment: Neutral
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