MEXCXRP/BTC Price Analysis: Can XRP Price Explode to $1 as Bitcoin Bulls Pick Up?
Highlights
- Pro-XRP lawyer says, “The case could end by the end of July 2024.”
- The Ripple-SEC closed-door meeting will take place on July 25 and not July 18.
- Bitcoin's average transaction fee hit its lowest in the last 6 months.
XRP price increased by 3.5% less than 12 hours after President Joe Biden announced he was dropping from the 2024 elections. The news, however, triggered a negligible decline in Bitcoin’s price. The XRP/BTC pair dropped 0.79% on Sunday but spiked 2.74% during the European session on Monday. Meanwhile, the Ripple-SEC private meeting scheduled for July 18 will now happen on July 25, coinciding with the start of the Bitcoin Conference 2024. Market participants speculate it could end in a potential resolution.
XRP Price Remains Bullish Against Bitcoin As Eventful Week Kicks Off
The XRP/BTC price chart has been downward since January. However, the asset established a low in June, from which it surged following a general market recovery. The recent short-term uptrend indicates a potential reversal as the XRP price has risen above the 50-day simple moving average (SMA) (green line).
The price of XRP analysis shows the crypto asset found a zone of support around 0.0000665 BTC, and a break below this could cement a non-bullish sentiment for the pair. The recent XRP gain against Bitcoin price was found to be resistant at the 200-day SMA (0.0000971 BTC) before retracing. Further resistance also exists around the current price (0.0000882 BTC).
XRP/USD chart also shows bullish tendencies, with the asset trending above the 50-day and 200-day SMA. The XRP price is coming into a zone of resistance around $0.65, and a break above that could catapult it to $0.75 and then to $0.93.
The recent price rise accompanied a spike in trading volume, indicating strong buying interest. However, the volume has slightly decreased during the recent consolidation, suggesting a need for more buying pressure to push past the 200-day SMA.
The BTC/USD price is pushing higher, aiming for the $72,000 mark, as data from Bitinfocharts shows that the average transaction fee on the chain hit its lowest in the last six months.
Trending above the 50-day and 200-day SMA, BTC price prediction shows strong bullish momentum as the relative strength index (RSI) inches closer to the overbought (OB) zone.
Weekly Bullish Catalysts: Ripple-SEC Closed Meeting, Bitcoin Conference, ETH ETF
The starting week is full of crypto-catalyst events that may result in price volatility.
- July 23 – Spot Ethereum ETFs begin trading, potentially capturing huge volumes and triggering bullish sentiment in the general market.
- July 25-27—The Bitcoin 2024 conference kicks off on July 25 in Nashville. Former President Donald Trump will speak at the meeting on the last day.
- July 25—The Ripple-SEC closed-door meeting will take place on this day. A pro-XRP lawyer says, “The case could end by the end of July 2024.”
- July 25 – U.S. Gross Domestic Product (GDP) will be announced, showing the state of the U.S. economy. Previous data was 1.4%, and analysts expect it to be 1.9% (economic growth).
This week, These events are expected to kick-start the crypto bull market in 2024–2025.
Bottom Line
The XRP/BTC pair enters a period of uncertainty as the Ripple-SEC case deadline extends to July 25. This delay coincides with a decline in bearish pressure on Bitcoin, creating an intriguing market dynamic. A clear breakout above 0.0000971 BTC may confirm a long-term upward trend. The outcome of the legal proceedings and Bitcoin’s market behavior are crucial in shaping the XRP/BTC ratio in the coming weeks.
Frequently Asked Questions (FAQs)
1. When is the Ripple-SEC closed door meeting?
2. Can Ripple win its case against SEC?
3. Will Bitcoin break $70,000?
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