The July 18 closed-door meeting scheduled by the U.S. Securities and Exchange Commission (SEC) is likely to conclude the 3.5 year protracted legal battle with crypto payments company Ripple. This event has already had a significant impact on XRP price from July 11 to July 13, 2024. The meeting has sparked considerable speculation within the crypto community, particularly regarding its potential implications for the ongoing Ripple vs. SEC lawsuit.
Additionally, the July 13 date holds particular significance, as it coincides with a landmark 2023 ruling by Judge Analisa Torres that declared XRP was not a security under federal law. A verdict on that date could echo the positive momentum triggered by the previous ruling.
Key Factors Affecting XRP Price
- XRP Price Surge: The anticipation of the SEC’s closed-door meeting has led to a notable increase in XRP’s price. From July 11 to July 13, XRP’s price surged by approximately 18%, rising from around $0.42 to above $0.50. This increase is attributed to market speculation that the meeting could result in a favorable outcome for Ripple, potentially resolving the long-standing legal battle with the SEC.
- Market Reactions: The crypto community has reacted positively to the news of the meeting. Analysts and market participants are closely monitoring developments, with many believing that a resolution in favor of Ripple could lead to further price increases for XRP. The excitement is also reflected in social media discussions and trading volumes, indicating heightened interest and optimism among investors.
- Expert Opinions: Legal experts and analysts have weighed in on the potential outcomes of the meeting. Some believe that the SEC might be considering a settlement with Ripple, which could remove significant regulatory uncertainty surrounding XRP and boost its market value. Others caution that while the meeting is a positive sign, it does not guarantee a favorable outcome for Ripple, and investors should remain cautious.
Overall, the scheduled SEC meeting has created a bullish sentiment around XRP, driving its price up significantly in the days leading up to July 13, 2024. The outcome of this meeting could have far-reaching implications for both Ripple and the broader cryptocurrency market.
XRP Price Prediction
Here’s our trade plan for XRP ahead of the July 18 closed door meeting.
Target & Execution: We’re expecting a potential upside 50% to 120% with XRP price hitting $1 to $1.2.
Entry
- We are going to size up on our position using scaled Orders between $0.4951 to $0.4973.
Stop Loss (SL)
- The initial SL will be placed at $0.4195.
- After hitting our first Take Profit (TP1) level, we plan to move our SL to break even (average entry).
- After TP2, we plan to move SL to $0.5325 (lower limit of daily imbalance)
Take Profits
- We plan to reduce 25% of our position at $0.5817.
- At $0.6967, we will reduce our position size by 50%.
- At TP3 level of $0.8281, we will sell another 10% of our position.
- At $1.035, we will be selling off the remaining position at $1.0351.
