XRP News Today: XRP Rallies 2% Amid SEC Announcement Anticipation

XRP, the cryptocurrency associated with Ripple, has shown a positive performance over the weekend, adding 2% to its value. This rally comes as investors eagerly await crucial announcements from the Securities and Exchange Commission (SEC).

The SEC held its first closed meeting since Judge Analisa Torres rejected the joint motion for an indicative ruling on settlement terms. Although the SEC did not provide any post-closed meeting announcement, analysts speculate that the regulator's silence may be due to the Fourth of July holidays. Investors are now anticipating an announcement from the SEC regarding its plans to withdraw its appeal, which could happen today if a vote was taken on July 3. If the SEC maintains its silence, focus will shift to the July 10 closed meeting.

During the previous meeting, the SEC voted in favor of lifting restrictions prohibiting XRP sales to institutional investors and reducing the $125M penalty to $50M. There is also speculation that the SEC may have voted in favor of dropping its appeal per the settlement terms. The resolution of this case could affirm XRP’s status as a non-security and confirm that Ripple’s XRP sales to institutional investors no longer breach US securities laws.

The XRP/USD 4-hour chart indicates a bullish trend, with the coin facing buying pressure from investors. XRP rallied by roughly 2% over the last 24 hours and now trades at $2.2729 per coin. The short-term XRP price forecast is heavily influenced by the SEC’s appeal plans and updates related to US XRP-spot ETFs. The MACD lines are within the positive zone, while the RSI of 59 suggests that XRP is heading into overbought territory if the market trend persists.

A breakout above last week’s high of $2.3275 could enable the bulls to push XRP higher, targeting the May high of $2.6553. If the broader crypto market supports this movement, XRP could break the January high of $3.4042. In the event of a sustained rally through $2.6553, XRP could surge higher toward $3, with the 2025 high of $3.3999 coming into play.

However, a drop below the current 50-day EMA would see XRP retest the 200-day EMA. Increased selling pressure could force the bulls to defend the $1.9299 support level in the near term. Failure to defend this support level could see XRP retest the $1.5 level for the first time since April 25. XRP’s short-term performance will likely be determined by the SEC’s upcoming announcements and ETF-related updates.