XRP Price Prediction: Is $1 Imminent After Ripple-SEC Case Closure?

The XRP price prediction showcased a remarkable rally in the last three weeks bolstered by market recovery and investors’ optimism toward the Ripple-SEC Case settlement. In the daily chart, the bullish turnaround uplifted the asset from $0.38 to $0.62 registering a growth of 63%.

The launch of Ethereum ETFs yesterday generated additional bullish momentum across many major altcoins, including XRP. This development also sets the stage for other altcoins to gain similar exposure in traditional markets.

Several factors will affect XRP price movement in the coming weeks and possibly months, including the Ripple vs SEC lawsuit, which recently entered the trial stage with a closed-door meeting happening tomorrow.

Factors like the general sentiment in the market could either bolster or limit price action. Like Bitcoin, Ethereum, and other cryptocurrencies, XRP responds to inflation, geopolitical forces, and other internal fundamentals.

Is Ripple-SEC Settlement On The Cards

The CEO of Ripple, Brad Garlinghouse recently opined that the longstanding legal battle with the SEC will soon conclude. Following the comments made during a Bloomberg interview, XRP price leaped to $0.63 alongside increased network activity.

Garlinghouse did not comment on whether Ripple is seeking a settlement with the SEC. A closed-door meeting between the agency and the blockchain company last week was rescheduled to July 25.

Legal experts cautioned against speculation as this could be another of the many routine closed-door meetings between the two parties.

Nevertheless, Garlinghouse assured the community that the case was coming to an end “very soon.”

Stuart Alderoty, the company’s chief legal officer affirmed in a post on X that even though the case is not decided, the ruling in July 2023 which determined that XRP is not a security token is not going to change.

“While our case as a whole isn’t fully over, the Court’s ruling that XRP is not a security will not change,” Alderoty wrote.

As for the closed-door meeting on July 25, the regulator’s website highlights the key agenda to be discussed including “institution and settlement of administrative proceedings, resolution of litigation claims,” among other matters relevant to the case. There is no mention of settlement talks, further squashing optimism among traders.

XRP Price Prediction: Where To After $0.6 Rejection?

The Ripple vs SEC lawsuit is important to the XRP community and the larger crypto industry. A win for Ripple is a win for the cross-border money remittance token and other cryptocurrencies on the SEC’s radar like Solana (SOL), Cardano (ADA), and Polygon (MATIC).

Amid the speculations and loss of momentum from last week’s $0.63 peak, XRP price prediction suggests fresh headwinds at $0.61. The 38.2% Fibonacci retracement level backs the seller congestion in this area.

Therefore, to guarantee a bullish outcome, bulls must push to reclaim $0.6 as support. Traders can then place buy orders above this support anticipating a breakout past $0.7.

Several technical factors reinforce the short-term bullish outlook, including two golden cross patterns. The appearance of these patterns validates the uptrend.

A daily close above 38.2% Fibonacci will go a long way to encourage traders to buy XRP and contribute to the tail force.

Conversely, traders should keenly watch out for a potential sell signal from the Moving Average Convergence Divergence (MACD) indicator.

The XRP price prediction shows the asset is almost completing a bullish pennant, a continuation pattern. A break above $0.635 may catapult the XRP price higher to the next major support around $0.75, which might just be the start of a massive rally if tomorrow’s settlement with the SEC is successful.