- 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.
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.
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.
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