Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms

XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms

CoineditionCoinedition2024/07/15 19:22
By:Coin Edition
  • XRP rose over 26% this week, surpassing $0.52 amid SEC investigation rumors.
  • Ripple’s CEO and CLO mark the first anniversary of a court ruling on XRP.
  • Upcoming SEC meeting on July 18 sparks speculation of a Ripple settlement.

XRP experienced a significant 26% surge this week, surpassing the $0.52 mark, as anticipation builds around a potential conclusion to the Securities and Exchange Commission’s investigation into Ripple and the regulatory status of XRP.

In the weekly chart, the Fisher Indicator has shown a highly bullish reversal. According to analyst Dark Defender, XRP has already broken the initial resistance at $0.4623. Currently, the token is testing the interim Fibonacci level at $0.5286, as experts predict a strong finish above $0.53 this week.

XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms image 0 XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms image 1

Source: Dark Defender

Next week, there is a strong possibility of XRP testing the secondary mid-level resistance at $0.6044. It is crucial to not underestimate the master fundamental level for XRP, trading at $0.6649. Surpassing this level could trigger significant price surges, potentially leading to what analysts call “Heaven’s Stairway.”

This bullish momentum comes amid growing speculation that the U.S. SEC may conclude its investigation into Ripple, signaling a potentially massive regulatory shift. Such a move could classify XRP as a non-security, representing a major victory for Ripple.

XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms image 2 XRP Bulls Eye “Heaven’s Stairway” as SEC Decision Looms image 3

Source: CoinMarketCap

Fueling the buzz, the U.S. regulator recently held a closed-door meeting as part of their routine discussions on key matters. This meeting comes after the decision in the Binance/Paxos lawsuit and a major pending ruling in the Ripple vs. SEC lawsuit. However, the upcoming meeting slated for July 18 has sparked significant interest in the crypto community.

Speculations are rife that the agendas for the forthcoming SEC meeting might include resolving injunction claims or reaching a settlement with Ripple. Market participants are closely monitoring these developments, eagerly awaiting the outcome of the meeting.

Last week marked the first anniversary of Judge Torres’ pivotal ruling in the SEC v. Ripple case. Reflecting on the lawsuit, Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, reiterated their stance on the cryptocurrency industry’s regulatory landscape.

Garlinghouse, on July 13, 2023, in an X post referenced the court’s ruling on XRP’s security status as a “remarkable day” and highlighting the ongoing regulatory challenges and victories. As the crypto community watches closely, the next few weeks could be crucial for XRP, Ripple, and the broader market landscape, in general.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Putin signs bill recognizing Bitcoin as property in Russia

However, mining facility operators must report client details to tax authorities or face fines of 40,000 rubles ($371).

Cryptotimes2024/11/29 21:55