Analyst Upbeat On XRP Rally Despite SEC Meeting Cancellation – Details
Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst Crypto Community Clueless On Meeting Cancellation There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties. There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs. Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events. XRP market cap currently at $30.9 billion. Chart: TradingView.com Market Experts Keep A Close Eye On The Altcoin Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run. The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%. $XRP (Ripple) is RIGHT NEAR a point of BREAKOUT
Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.
Crypto Community Clueless On Meeting Cancellation
There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.
There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs.
Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events.
Market Experts Keep A Close Eye On The Altcoin
Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.
The symmetrical triangular pattern expanding since 2018 matches the 2014–2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%.
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