XRP price increased by 3.5% less than 12 hours after President Joe Biden announced he was dropping from the 2024 elections. The news, however, triggered a negligible decline in Bitcoin’s price. The XRP/BTC pair dropped 0.79% on Sunday but spiked 2.74% during the European session on Monday. Meanwhile, the Ripple-SEC private meeting scheduled for July 18 will now happen on July 25, coinciding with the start of the Bitcoin Conference 2024. Market participants speculate it could end in a potential resolution.
<h2 id="b-xrp-price-remains-bullish-against-bitcoin-as-eventful-week-kicks-off-b">XRP Price Remains Bullish Against Bitcoin As Eventful Week Kicks Off</h2>
<figure id="attachment_208742" aria-describedby="caption-attachment-208742" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-208742" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09.jpeg" alt="XRP Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.09.09-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-208742" class="wp-caption-text">
 XRP Price Chart
 </figcaption>
</figure>
The XRP/BTC price chart has been downward since January. However, the asset established a low in June, from which it surged following a general market recovery. The recent short-term uptrend indicates a potential reversal as the XRP price has risen above the 50-day simple moving average (SMA) (green line).
The <a href="https://coingape.com/price/xrp" rel="noopener noreferrer nofollow">price of XRP</a>&nbsp;analysis shows the crypto asset found a zone of support around 0.0000665 BTC, and a break below this could cement a non-bullish sentiment for the pair. The recent XRP gain against <a href="https://coingape.com/price/bitcoin" rel="noopener noreferrer nofollow">Bitcoin price</a> was found to be resistant at the 200-day SMA (0.0000971 BTC) before retracing. Further resistance also exists around the current price (0.0000882 BTC).
XRP/USD chart also shows bullish tendencies, with the asset trending above the 50-day and 200-day SMA. The XRP price is coming into a zone of resistance around $0.65, and a break above that could catapult it to $0.75 and then to $0.93.
The recent price rise accompanied a spike in trading volume, indicating strong buying interest. However, the volume has slightly decreased during the recent consolidation, suggesting a need for more buying pressure to push past the 200-day SMA.
<img decoding="async" class="aligncenter size-full wp-image-208743" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22.jpeg" alt="XRP Price" width="1280" height="270" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22-300x63.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22-1224x258.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22-768x162.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-22-at-08.11.22-150x32.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
The BTC/USD price is pushing higher, aiming for the $72,000 mark, as data from <a rel="noopener noreferrer nofollow" href="https://bitinfocharts.com">Bitinfocharts</a> shows that the average transaction fee on the chain hit its lowest in the last six months.&nbsp;
Trending above the 50-day and 200-day SMA, <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC price prediction</a> shows strong bullish momentum as the relative strength index (RSI) inches closer to the overbought (OB) zone.&nbsp;
<h2 id="b-weekly-bullish-catalysts-ripple-sec-closed-meeting-bitcoin-conference-eth-etf-b">Weekly Bullish Catalysts: Ripple-SEC Closed Meeting, Bitcoin Conference, ETH ETF</h2>
The starting week is full of crypto-catalyst events that may result in price volatility.
<ul>
 <li style="font-weight: 400;" aria-level="1">July 23 – Spot Ethereum ETFs begin trading, potentially capturing huge volumes and triggering bullish sentiment in the general market.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">July 25-27—The Bitcoin 2024 conference kicks off on July 25 in Nashville. Former President Donald Trump will speak at the meeting on the last day.</li>
 <li style="font-weight: 400;" aria-level="1">July 25—The Ripple-SEC closed-door meeting will take place on this day. A pro-XRP lawyer says, “The case could end by the end of July 2024.”&nbsp;</li>
 <li aria-level="1">July 25 – U.S. Gross Domestic Product (GDP) will be announced, showing the state of the U.S. economy. Previous data was 1.4%, and analysts expect it to be 1.9% (economic growth).</li>
</ul>
This week, These events are expected to kick-start the crypto bull market in 2024–2025.
<h2 id="b-bottom-line-b">Bottom Line</h2>
The XRP/BTC pair enters a period of uncertainty as the Ripple-SEC case deadline extends to July 25. This delay coincides with a decline in bearish pressure on Bitcoin, creating an intriguing market dynamic. A clear breakout above 0.0000971 BTC may confirm a long-term upward trend. The outcome of the legal proceedings and Bitcoin’s market behavior are crucial in shaping the XRP/BTC ratio in the coming weeks.
The post <a href="https://coingape.com/markets/xrp-btc-price-analysis-ripple-sec-meeting-pushed-to-july-25-as-bitcoin-bears-go-silent/" rel="noopener noreferrer nofollow">XRP/BTC Price Analysis: Can XRP Price Explode to $1 as Bitcoin Bulls Pick Up?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP/BTC Price Analysis: Can XRP Price Explode to $1 as Bitcoin Bulls Pick Up?

Table of Contents

Coingape News Media

Other articles published on Jul 22, 2024

MoonBag's Presale Triumph: $3.7M Milestone Amid Metis's Whale Whispers

Brighten Your Future With MoonBag As Its Presale Gets Ahead Of Dogwifhat

Kamala Harris Meme Coin Soars to All-Time High After Joe Biden Withdraws

XRP's Price Increased More Than 4% Within 24 hours

Etherfuse Raises $3M to Bring Emerging Market Debt On-chain

100X Profit Potential: These Memecoins Could Make You Rich Fast

Join our free newsletter for daily crypto updates!