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Key Insights:
- XRP News: XRP price nears $3 as SEC meeting sparks hopes of Ripple case resolution
- Weekly close above $3 could send XRP price toward $4.80 target
- XRP price bounced from $2.85 with rising volume and bullish momentum
Ripple is nearing a historic moment as it pushes against the $3 resistance level. A critical SEC meeting scheduled for July 17 could resolve the Ripple lawsuit and clear the regulatory fog surrounding XRP. Meanwhile, according to XRP news, a confirmed weekly close above $3 would open the doors to $4.80.
XRP News Heats Up Ahead of SEC Vs Ripple Case Update
US SEC announced a closed-door meeting scheduled for July 17 at 2:00 p.m. in Washington, DC. According to the Sunshine Act Notice, the meeting shall be focused on litigation settlements and enforcement actions. While the public cannot attend, analysts believe Ripple’s lawsuit will likely be addressed.
A community figure flagged the XRP news speculation, Abdullah Nassif “Abs” Nassif, in a tweet, which he described as a new market rumor. He cited a source claiming the SEC could announce its withdrawal from the Ripple appeal during or shortly after the meeting. The US SEC has resolved several high-profile enforcement actions after similar internal sessions.
More so, Ripple CEO Brad Garlinghouse confirmed in June XRP news that the company would drop its cross-appeal. Brad said he expected the US SEC to do the same.
Former SEC lawyer Marc Fagel reminded the XRP community that these meetings occur weekly and are confidential by default. However, he recognized that the long-overdue settlement now seems imminent.
Price Reacts to XRP News, SEC Speculation
XRP price responded positively to the bullish XRP news on the Ripple Vs SEC legal battle. At press time, the altcoin surged over 7% to $3. The top altcoin experienced high upward momentum, rebounding at its support price of around $ 2.70.
The rising support line has been effective as it has helped to hold up the price activity of Ripple, cushioning it against a bearish turn. This rebound may imply that the XRP price may set up a new support level of $3.00.
Technically, the Bull Bear Power (BBP) indicator has a positive bullish momentum, as the BBP value stands at 0.2374. That implies that the buyers control demand in the market, with an increase in buying pressure signaled by the larger green bars in the histogram.
The BBP’s positive reading reinforced the idea that XRP price will likely continue its upward trajectory if the buying momentum persists.
If XRP price closes the week above $3, analysts believe that level will flip to support, validating a breakout. This alignment of technical structure and news-driven anticipation places XRP price in a highly favorable position.
Analysts Forecast $4.80 Target
Crypto analyst Ali Martinez projected that XRP price could rally to $4.80 if it achieves a weekly candle close above $3. On his XRP news, the multi-month bullish structure was forming, with the last resistance being $3. After breaking this resistance level, Martinez believed that the altcoin price could surge rapidly.
Furthermore, CasiTrades supported this view using Fibonacci levels. She also observed a recent rebound off the retracement figure at 0.236 of $2.85, a typical correction area in upward trends.
She placed the next breakout line at $3.04 and target levels at $3.18, $3.84. If XRP price retests and confirms $3.04 as support, momentum may accelerate toward higher levels.
Furthermore, the bullish XRP news were confirmed by a recent analysis, which predicted that Ripple can break new highs this week. Institutional purchases, as well as the pending introduction of the ProShares XRP ETF, and technical patterns indicate XRP price could soon break its new record.
