This article examines the current state of XRP, including a retest of a significant price level, and a possible SEC decision regarding Ripple.
Analysis of XRP's Retest
According to market analyst DeGram, XRP rebounded from a double bottom near $3.10 and is currently consolidating above $3.15 after retesting its breakout channel. If bullish momentum resumes, it may push toward $3.40. A retest of a double bottom is considered bullish as it confirms strong support and validates the reversal.
Future of Ripple and Possible SEC Decision
On July 31, the U.S. Securities and Exchange Commission (SEC) will hold a closed meeting, during which it may vote on whether to drop its appeal in the lengthy Ripple v. SEC litigation. If the appeal is withdrawn, this would be a significant step towards regulatory clarity for XRP.
Impact on XRP Market
If the SEC votes to drop its appeal, Judge Torres's ruling that XRP is not a security when sold on public exchanges will stand as binding precedent. This could lead to renewed institutional interest and faster progress on XRP ETF approvals. Analysts anticipate a surge in XRP's value once this decision is formalized.
All eyes are on the SEC meeting scheduled for July 31. If the appeal is withdrawn, XRP will gain long-sought legal clarity, potentially leading to a rise in price and institutional interest. Otherwise, uncertainty will remain.
