Remember those crazy days of January 2018, when XRP skyrocketed to a staggering $3.317? Well, those days seem like a distant dream now. Since then, XRP’s price has been stuck in a rut, and a major roadblock seems to be the ongoing SEC vs. Ripple lawsuit. While the XRP community remains strong, regulatory approval feels like the missing piece of the puzzle.
Crypto Bitlord, a seasoned figure in the crypto space, in a series of X posts, has stirred anticipation by predicting a significant upcoming event for XRP that could impact its market dynamics.
Bullish Sentiment Amid Price Struggles
Despite recent price struggles, including a drop to $0.4391 with a 9% loss over the past week, Crypto Bitlord remains optimistic. He recently posted a warning about an impending big event for XRP, urging followers to take notice and possibly prepare for its potential impact.
XRP’s price has lagged compared to other major altcoins like Ethereum and Solana, which have approached or exceeded their previous all-time highs this year. Despite rallying to $0.74 during a bullish phase, XRP failed to sustain momentum.
Key Anticipated Developments
SEC vs. Ripple Lawsuit Resolution
The final judgment in the ongoing lawsuit between the SEC and Ripple is highly anticipated. Both parties have submitted their arguments regarding the appropriate fine for Ripple’s alleged violation of federal securities laws. According to Attorney Fred Rispoli, Judge Analisa Torres might deliver the final decision either on July 31 or July 13. The latter date is significant, as it marks a year since the landmark ruling that XRP is not a security, a decision that saw XRP’s price double in 24 hours to $0.93.
Potential BlackRock XRP ETF
Speculation surrounds the possibility of a BlackRock XRP ETF filing, though industry experts suggest a Solana ETF may be more imminent following VanEck’s recent filing.
Institutional Adoption and Announcements
Moving on, there’s also anticipation around potential announcements from major banks or institutional players regarding their adoption of XRP for various financial services.
There were mixed reactions to Crypto Bitlord’s x post, with some echoing his optimism while others remained cautious, citing XRP’s regulatory clarity in the U.S. and its suitability for cross-border payments.
Current Market Snapshot
A recent whale movement of 703 million XRP to exchanges suggests a potential price dump. In the last 24 hours, XRP’s price has fallen below the 20 and 50 moving averages (MAs) on the monthly chart, with only the 100 MA offering support. A whale sale could trigger significant market turbulence, potentially driving the price down to $0.169. On the weekly chart, XRP’s price is below all three MAs, now acting as resistance. After an uptrend from November 2022 to April 2024, XRP has fallen below the trend line and all MAs, with the Relative Strength Index (RSI) at 36.70, indicating an oversold condition.
Follow our updates to see where XRP’s price goes next.
