XRP Price Surges Against BTC As Bitcoin Bears Go Silent

XRP price remained stagnant less than 12 hours after President Joe Biden announced his withdrawal from the 2024 election. The news, however, triggered a negligible drop in Bitcoin price. The XRP/BTC pair fell 0.79% on Sunday as XRP lost some value against Bitcoin. The private Ripple-SEC meeting is now scheduled for July 25 instead of July 18. Market participants are speculating that it could end with a potential resolution.

XRP Price Remains Bullish Against Bitcoin As Week Begins

The XRP/BTC price chart has been declining since January. However, the asset set a low in June, from which it surged following a general market recovery. The recent short-term uptrend indicates a potential reversal as XRP price has broken above the 50-day simple moving average (SMA) (green line).

THE XRP price Analysis shows that the crypto asset has found a support zone around 0.0000665 BTC, and a break below this level could consolidate a non-bullish sentiment for the pair. XRP’s recent gain against Bitcoin Price Bitcoin price resisted the 200-day moving average (0.0000971 BTC) before retracing. Additional resistance also exists around the current price (0.0000882 BTC).

The XRP/USD chart is also showing bullish trends, with the asset trading above the 50-day and 200-day moving averages. XRP price is entering a resistance zone around $0.65, and a break above this area could catapult it to $0.75 and then to $0.93.

The recent price rally has been accompanied by an increase in trading volume, indicating strong buying interest. However, volume has declined slightly during the recent consolidation, suggesting the need for increased buying pressure to break above the 200-day moving average.

BTC/USD price is rising, targeting the $72,000 mark, according to data from Bitinfocharts shows that average on-chain transaction fees have reached their lowest level in the past six months.

Trend above the 50 and 200 day moving averages, BTC Price Prediction shows strong bullish momentum as the Relative Strength Index (RSI) approaches the overbought (OB) zone.

Weekly Bullish Catalysts: Ripple-SEC Closed-Door Meeting, Bitcoin Conference, ETH ETF

The coming week is full of crypto-catalyst events that can lead to price volatility.

July 23 – Spot Ethereum ETFs begin trading, potentially capturing huge volumes and sparking bullish sentiment in the broader market.
July 25-27 – The Bitcoin 2024 conference will kick off on July 25 in Nashville. Former President Donald Trump will speak at the meeting on the final day.
July 25 – Ripple’s closed-door meeting with the SEC will take place on this day. Pro-XRP lawyer says: “The case could be over by the end of July 2024.”

This week, these events are expected to kick off the 2024-2025 cryptocurrency bull market.

Conclusion

The XRP/BTC pair is entering a period of uncertainty as the Ripple-SEC lawsuit deadline extends to July 25. This delay coincides with a decrease in bearish pressure on Bitcoin, creating intriguing market dynamics. A clear break above 0.0000971 BTC could confirm a long-term uptrend. 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 (FAQ)

The closed-door meeting between Ripple and the SEC will take place on July 25.

There is a strong chance that Ripple will win, as rumors of a settlement are on the table.

Bitcoin price appears to have returned to some normalcy and looks set to extend its gains and potentially break above $70,000 in the near term.