XRP price has struggled to build upside momentum above $2.15 this week amid a lull in its fundamentals. The sellers have been in control for the most port in the last month, with the XRPUSD pair having declined by 9.1%. The recent refiling of a joint motion by Securities and Exchange Commission (SEC) and Ripple Labs in a Federal court has failed to spark a bullish response. Most traders already priced in the news when it was first reported in Q1.
Many investors have their focus on a US XRP spot ETF approval as the next big bullish trigger that could potentially push XRP price to new all-time highs. Canada approved the first XRP spot ETF on Wednesday, with 3iQ’s listing of XRPQ on Toronto Stock Exchange. However, that move has not moved the market, as the US ETF market is considered the market bellwether.
Meanwhile, the SEC has delayed its decision on an XRP spot ETF application by Franklin Templeton, the $1.4 trillion AUM company. According to the market regulator, the procedural extension was made to gather public opinion and enable an extensive assessment of the legal and regulatory compliance. It also means investors have to wait for up to 35 days before a decision is made.
Nonetheless, analysts opine that the SEC’s termination of legal proceedings against Ripple Labs raises the prospect of an approval to above 85%. In addition, court ruling on the joint SEC/Ripple Labs application will be out in mid-August. This scenario signals that XRP price will likely get a stronger asset-specific upward momentum beginning July. In the near-term, a 21% decline in trading volume in the last 24 hours signals that buyers have tamed their appetite for the coin.
XRP Price Prediction
XRP price pivot mark is at $2.17 and action below that level favours the sellers to be in control. That will likely see initial support established at $2.13. An extended control by the sellers will break below that level and potentially clear the path to test $2.10.
Conversely action above $2.17 will invite the buyers to take control, with primary resistance likely to be at $2.20. Breaking above that level will invalidate the downside narrative. Further bullish control beyond that level could push the price higher to test $2.24.
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