In a surprising development for the XRP community, the SEC abruptly canceled a closed-door meeting scheduled for July 18. The Federal Register and the SEC did not disclose the reasons for this cancellation, leaving market participants to speculate.
Many believe it could be tied to the ongoing approval process for spot Ethereum ETFs, as several have received preliminary approvals and are expected to start trading on July 23.
The market reacted quickly to the news, causing a significant correction in XRP’s price. The cryptocurrency dropped to a 24-hour low of $0.58, marking an 8% decline from its previous high of $0.6366. Despite the downturn, trading volume increased by 20% in the last 24 hours, indicating sustained interest among traders.
Analysts are forecasting a significant increase in Ripple prices. Crypto analyst Javon has identified a technical pattern in XRP’s price movement, hinting at a potential significant breakout. He highlights that it is approaching a critical juncture, which could trigger a rally reminiscent of the monumental 2017 bull run.
The chart illustrates XRP’s price history, showcasing two major symmetrical triangle formations. The first triangle, which spanned from 2014 to 2017, ended with a breakout that propelled XRP from approximately $0.005 to a high of $3.3474—a phenomenal 42,790.36% increase. This historical pattern sets the stage for the current formation, which has developed from 2018 to the present.
XRP’s Potential Price Rally
If this pattern repeats, the breakout from the current triangle could lead to another substantial rally. Javon anticipates a price target of over $237.5617, indicating a potential 42,264.18% increase from the current price level. This projection mirrors the dramatic upward movements seen in the past, suggesting that XRP could reach the $100 range.
Additionally, the volume chart at the bottom of the graph supports this analysis. It highlights periods of heightened trading activity during previous breakouts, suggesting that a similar surge in volume could accompany the expected breakout, enhancing the momentum.
Currently, Ripple’s price is maintaining its position above the 100-hour Simple Moving Average. A notable bullish trend line is emerging, providing support near the $0.5820 level. This trend line coincides with the 50% Fibonacci retracement level, ranging from the $0.5330 low to the $0.6374 high.
On the upside, XRP faces resistance near $0.620, with its primary resistance noted at $0.6350. Further resistance could be found at $0.6420. A decisive break above $0.6420 might propel the price towards the $0.650 resistance, followed by the next significant resistance near $0.6550. Additional gains could push the price to the $0.680 resistance.
Conversely, a downside correction could be initiated if XRP fails to surpass the $0.620 resistance zone. Initial support on the downside is near the $0.600 level, with the next major support at $0.5850, aligning with the trend line.
If the price breaks below the $0.5850 level and closes beneath it, further declines towards the $0.550 support level could be anticipated in the near term.
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