XRP has always been a rollercoaster for its community, but recent developments have sent excitement levels soaring. The altcoin has surged by 18% this week, breaking past the $0.5 mark for the first time in over a month. This spike comes amid rumors of a secret SEC meeting, reportedly linked to the ongoing Ripple vs. SEC case. Crypto analyst Brett Hill has hinted that this closed-door gathering could finalize court proceedings, potentially resolving a long-standing legal battle. While nothing is confirmed, the XRP community is buzzing with optimism, hoping for a breakthrough that could propel the coin even higher.

XRP’s Recent Price Surge

It’s never boring with XRP, even when the price isn’t moving much. But when the price starts pumping, that’s when things get really interesting for the XRP community. XRP is currently the best performing altcoin among the top 100 coins by market cap today, with a 12% pump. The XRP price has actually pumped around 18% this week, from $0.42 to now above $0.5. The market cap is now over $28 billion. XRP hasn’t traded above $0.5 for over a month, so this is welcome news for holders.

SEC Announces a Secret Meeting on Thursday – Sources Say It’s About Ripple

A popular crypto analyst, Brett Hill, along with a few others, has reported on Twitter that the SEC is planning a private executive meeting at their Washington headquarters this Thursday, July 18, 2024. According to Hill’s sources, this closed-door meeting is allegedly related to the ongoing Ripple vs SEC case, potentially involving resolutions and the finalization of the court proceedings.

BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the #Ripple vs #SEC resolutions and the finalization of the court case! #XRP pic.twitter.com/9lEy33mPaI— Brett Hill (@Brett_Crypto_X) July 12, 2024

It’s important to note that nothing is official here, and the meeting could be about something else entirely. However, the XRP community has definitely reacted positively to this news, propelling the price above the $0.5 mark.

XRP Price Forecast

As you can see on the XRP/USD chart, this altcoin has been trading in a descending triangle pattern since early 2024. Today’s pump, while significant, is not enough to break out of this channel. For that to happen, XRP would need to push above $0.6.

Source: TradingView

The price briefly dipped below this channel in early July when the market crashed but quickly rebounded above the line. The crucial $0.4 support level played a key role here. However, the price is still trading below the 200-day moving average at $0.54. For any major moves to occur, the price first needs to flip this resistance and turn it into support. Generally, when a coin is trading above its 200-day moving average and has it as strong support, it indicates an uptrend. If the buying pressure continues through the weekend, XRP could potentially revisit the $0.6 area and break out of the descending triangle, which could be very positive for the broader picture.

Positive News, But Be Careful

The recent price action of XRP, coupled with rumors of a potential SEC meeting regarding Ripple, has certainly stirred up excitement in the XRP community. While the pump is encouraging, note that you are never “here nor there” with XRP since any negative news on the Ripple vs SEC case can negatively affect the price. That being said, if we hear some official positive news on this case next week, the price could easily break the $1 level, which would be over a 100% increase from the current levels.

Technical Analysis and Future Predictions

The technical analysis on the weekly timeframe indicates that XRP has been increasing along an ascending support trend line since May 2022. This line has been visited several times, most recently in March 2023. During this period, XRP continued its rise along a second, steeper ascending support trend line. While the XRP price reached its highest level of the year in July, it has not approached anywhere near that region since then. As of the time of writing, the price continues to trade above a significant horizontal support area.

On the other hand, examining the Altcoin’s RSI, it is observed that the value dropped to the negative zone following a recent price drop and was calculated at 40.69. The negative sentiment in the market is also reflected in the indicator.

What Does the Future Hold for XRP Coin?

Technical analysis on the daily timeframe may not determine a clear direction for future trends. This can be attributed to both the price movement and the RSI. The neutral nature of the price movement could trigger a sharp break and lead to an unpredictable direction. Crypto trader Dom claimed in a statement that the XRP price will break out of its symmetrical formation and tweeted the following:

I really can’t imagine a scenario where this breaks down… I can only really imagine an explosive breakout. XRP is not a security and has managed to stay in the top 8 cryptos for 9 years, without even making a new peak last time!

Furthermore, it has not gone unnoticed by investors that XRP whales have moved millions of XRP over a period of about two months. It is also worth noting that one whale has accumulated 360 million XRP tokens. Therefore, whether the XRP price will break out of the triangle as the analyst said, or make a downward move below the horizontal area at the $0.58 level, could indicate the future price of XRP to investors.

Summary

The recent surge in XRP’s price, coupled with the anticipation of a secret SEC meeting, has created a buzz in the crypto community. While the future remains uncertain, the potential for positive news from the SEC could propel XRP to new heights. However, investors should remain cautious and stay informed about any developments in the Ripple vs. SEC case. As always, it’s essential to conduct thorough research and consider all factors before making any investment decisions.

The author does not own or have any interest in the securities discussed in the article.