XRP Price Pumps 8% Amid Optimism Over SEC Settlement As Experts Say This P2E Dogecoin Might Be The Best Crypto To Buy Now

The XRP price surged 8% in the last 24 hours to trade for $0.6444 as of 01:15 a.m. EST on trading volume that surged 144%.

It comes amid speculation of a settlement in the longstanding Ripple lawsuit against the US Securities and Exchange Commission. The two have a closed-door meeting on Thursday after the regulator canceled the previous one.

XRP advocate attorney Fred Rispoli recently speculated that the case could end either on July 13 or on July 31, making Wednesday an important date for the Ripple community.

Another factor to consider for the XRP price is the upcoming token unlock. On August 1, the Ripple ecosystem will unlock 1 billion XRP tokens as part of a monthly program going back to 2017. This is aimed at alleviating pressure on the token, given its extremely vast supply. Sometimes, the unlock brings about a stalemate in XRP's price or a slight drop.

XRP Price Prediction

The XRP price is trading with a bullish bias, consolidating within a wedge pattern. Prospects for further upside remain high, as the payments token holds above the Fibonacci Golden Zone. If bullish momentum increases, the Ripple price could shatter resistance due to the upper trendline of the pattern.

Meanwhile, the Relative Strength Index (RSI) is well above the mean level of 50, showing the bulls control the market. Furthermore, its position below 70 indicates there remains significant room for the upside before XRP is considered overbought.

Traders looking to take long positions on the Ripple token, however, should consider waiting for the XRP price to break and close above the 23.6% Fibonacci retracement level of $0.6811. Elsewhere, renowned analyst @ali_charts on X says a bullish breakout could occur if the price breaches $0.90, after

Conversely, a rejection from the upper trendline of the pattern could see the XRP price drop. While the levels in between $0.6248 and $0.5793 remain critical to watch, only a slip below $0.5338 would invalidate the bullish thesis.