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Highlights
- XRP price eyes $0.76 ahead of the SEC's closed meeting.
- Hashdex Nasdaq Crypto Index ETF just added XRP to its portfolio.
- XRP Open Interest and volume surge signals an increased investor interest.
The XRP price has increased over the past week, making higher lows against horizontal resistance, forming an ascending triangle that may breakout to the upside. The price of XRP hovered around $0.60 during the European session on Thursday, a 0.2% decline in the last 24 hours. The XRP price analysis remains bullish as the market awaits the outcome of the SEC closed meeting scheduled for July 25, 2024, at 2:00 p.m. EST.
The general speculation in the crypto community is a potential Ripple-SEC case settlement may be forthcoming. Nevertheless, there is no evidence to support his speculation, and it could turn out to be a classic sell-the-news event.
Is the New US Political-Crypto Landscape Good for XRP Price?
The political landscape in the United States regarding cryptocurrencies has improved tenfold in the last month. Former President Donald Trump is already an outspoken supporter of Bitcoin and cryptocurrencies and will attend and speak at the Bitcoin Conference 2024.
Similarly, the recent speedy approval of spot Ethereum ETFs highlights a change in the U.S. government’s stance on crypto. Nevertheless, the current U.S. ruling party has not viewed digital assets favorably. Most recently, Vice President Kamala Harris declined an invitation to speak at the Bitcoin Conference 2024, which begins today.
Kamala Harris will not be speaking @TheBitcoinConf. No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her.
All eyes on Trump now.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) July 24, 2024
The SEC Chair Gary Gensler is a known Democrat, and his open assault on the crypto industry represents the Democratic Party’s stance on digital assets. If the SEC closed meeting does not result in a settlement, it could quickly become a sell-the-news event, and the ripple effects may impact the XRP price.
Open Interest, Volume Suggest Market is Bullish on XRP Price
Data from Coinalyze shows that the aggregated open interest (OI) for XRP increased by 9.54% in the last 24 hours, signifying that more investors are positioned in the asset.
On July 9, the XRP OI hit its lowest level ($327.48M) since September 2023 amid a general market panic following the German Bitcoin sell-off. Since then, the OI has been up 79%.
According to CoinGecko, the XRP trading volume surged 34.4% in the last 24 hours, signalling a recent rise in market activity.
Hashdex Nasdaq ETF Added XRP to Its List of Crypto Assets
According to its official website, the Hashdex Nasdaq Crypto Index ETF (HDEX.BH) is a fully physically backed ETF that tracks the Nasdaq Crypto Index ™ and offers diversified exposure to crypto assets. Hashdex submitted its S-1 form for the crypto index fund ETF on July 24 and will begin with ETH and BTC.
HERE IT IS — The S-1 for the Hashdex Crypto Index Fund ETF!
It will start with ETH and BTC, then adding more assets in the future. (currently has XLM) https://t.co/rGggiLNfwB pic.twitter.com/mcH8zMy5fo
— Chad Steingraber (@ChadSteingraber) July 24, 2024
Hashdex has added XRP to its portfolio, bringing the total to 11 crypto assets. This development fuels further speculation and optimism concerning an XRP ETF coming soon.
XRP Price Analysis: Bulls Might Score 34% Rally if This Happens
The overall trend for the price of XRP remains upward, following the earlier downtrend. The price is consolidating toward the resistance level at $0.631. If the price breaks above this level with substantial volume, it could indicate a bullish continuation.
Our XRP analysis shows that key resistance levels to watch for on the upside include $0.649, $0.70, and $0.766. The price is trending above the 50-day and 200-day exponential moving averages (EMA), reinforcing the upward trend. A break below the ascending triangle and XRP may find support at the 200 EMA ($0.528) or lower at $0.47.
Frequently Asked Questions (FAQs)
1. When is the SEC closed door meeting?
2. Will XRP rally soon?
3. Why was Ripple sued?
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