The post XRP News Today: Top Reasons Why XRP Price Could Experience Major Gains by Month’s End appeared first on Coinpedia Fintech News
Leading crypto exchange Bitrue recently spotlighted XRP’s impressive performance over the past week, fueling speculation about the coin’s future trajectory. XRP’s price traded above 60 cents, marking a 40% rally to nearly $0.64, sparked by the anniversary of Judge Torres’ summary judgment decision and rumors of an imminent settlement between the SEC and Ripple.
Settlement Speculation: A Catalyst for XRP’s Growth?
The broader XRP community is abuzz with speculation about a potential resolution to the long-standing legal battle between the SEC and Ripple. These rumors gained traction after the SEC scheduled a Sunshine Act meeting to discuss the settlement of administrative proceedings, originally set for July 18 but postponed to July 25.
However, former SEC lawyer Marc Fagel has dismissed these rumors, noting no procedural signs of a settlement. He expects Judge Torres to deliver a decisive ruling on remedies soon, with Judge Netburn handling any remaining motions.
XRP’s Resilience
The exchange revealed that, despite market declines, XRP has remained stable around the $0.60 mark, trading at $0.6023, up 1.48% in the daily charts and 9.52% over the past week. This stability amidst broader market volatility invites questions about XRP’s potential to maintain its upward momentum.
If XRP’s price drops to $0.5725 and faces resistance, it could begin rising toward the $0.6360 resistance level. A breakout above $0.6360 might lead to further gains, with the next target being the $0.6697 resistance level and possibly beyond.
At the time of writing, XRP was trading at $0.5974, up 1.13%. Its trading volume exceeded $2 billion, and its market capitalization was over $33 billion. Notably, in the past day, XRP’s trading volume increased by 41.17%, and its market cap rose by 1.13%.
Will XRP Sustain Its Uptrend?
Bitrue has shown consistent support for XRP, offering over 90 XRP spot trading pairs and launching a $1 million trading contest earlier this year. The exchange’s unwavering bullish stance, including pledging support in both bear and bull markets, suggests confidence in an imminent rally for XRP.
Overall, the market’s response to settlement rumors and XRP’s resilience in a volatile market will be key indicators to watch.
Also Check Out: Ripple vs. SEC Settlement Update: Will July 25th Be the Turning Point for XRP Price?