Cryptocurrency prices for XRP have experienced significant fluctuations recently due to speculation surrounding a crucial meeting between Ripple and the Securities and Exchange Commission (SEC). However, the value of XRP plummeted after the meeting was unexpectedly canceled.
The XRP community was filled with optimism as news of a closed-door regulator meeting on July 18 surfaced, leading to a surge in XRP prices. Traders speculated that a resolution in the Ripple case could be imminent.
Unfortunately, this optimism was short-lived as the meeting was abruptly canceled by the SEC. The regulatory body announced the cancellation on its website, stating that the scheduled meeting for July 18, 2024, at 2:00 pm had been called off. As a result, XRP prices experienced a sharp drop of over 7% within a day.
Currently, the XRP price stands at US$0.5779, reflecting a 7.2% increase in the last 24 hours. Over the course of the week, the cryptocurrency has shown significant recovery, with a 30.0% increase in value.
Speculation regarding the reasons behind the meeting’s cancellation has already begun circulating within the cryptocurrency community. Some members believe that the SEC prioritized the approval process for Ethereum exchange-traded funds (ETFs), leading to the cancellation.
In recent weeks, XRP has witnessed a remarkable upward movement, with its price surging by over 40%. This surge has sparked hope among traders and fueled speculation of a potential bullish breakout for XRP.
Renowned cryptocurrency analyst Crypto Michael has highlighted the possibility of a historic breakout for XRP. He stated, “$XRP: historic breakout coming. In all my years of trading cryptocurrencies, I have NEVER seen a 7-year bull pennant. We may be about to witness one of the most significant breakouts in the history of cryptocurrencies.”
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are purely for informational purposes and should not be considered as financial or investment advice. Trading or investing in cryptocurrencies carries a risk of financial loss.
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