XRP News Today: XRP Retests $3.10 Support as SEC Decision Looms on July 31

XRP has recently retested its double-bottom support level near $3.10, sparking renewed interest among traders and analysts as the cryptocurrency consolidates above $3.15 [1]. The move is seen as a potential bullish reversal if accompanied by strong volume and a follow-through rally toward $3.40. Market analyst DeGram highlighted that a successful retest validates the pattern and reinforces the likelihood of a sustained upward move [1]. At the time of reporting, XRP was trading at $3.14, having recently tested the $3.23 resistance zone [1].

The broader market context is being shaped by the U.S. Securities and Exchange Commission’s (SEC) upcoming closed-door meeting scheduled for July 31, during which commissioners may vote on whether to withdraw their appeal in the long-running Ripple v. SEC case [1]. If the SEC decides to drop its appeal, the legal victory could provide much-needed regulatory clarity for XRP, potentially leading to increased institutional adoption and a more favorable market environment [1].

Ripple Labs has already taken significant legal steps toward resolving the dispute. The company voluntarily dropped its cross-appeal and paid the full $125 million court penalty, despite a proposed reduction to $50 million being rejected in June [1]. However, the SEC must still formally vote internally to withdraw its appeal before the process can conclude. Legal analyst Marc Fagel clarified that the SEC has not engaged in any secret or multiple closed-door meetings, and only a single formal vote is required [1]. The commonly cited August 15 deadline is not a hard cutoff for finalizing the appeal but rather the date by which both parties must file a status report with the appellate court [1].

The outcome of the SEC’s decision remains pivotal for XRP’s market trajectory. If the agency votes to withdraw its appeal, Judge Analisa Torres’ ruling that XRP is not a security when sold on public exchanges would become binding precedent [1]. This could enhance institutional confidence and accelerate progress on XRP spot ETF approvals, with analysts predicting a potential price surge following formal regulatory clarity [1]. The current price action reflects a period of consolidation, with mixed volume patterns indicating both accumulation and profit-taking [2]. This suggests that while XRP is not in freefall, it remains in a critical phase of market testing.

Institutional interest in XRP has been similarly divided. Some investors are adopting a wait-and-see approach, while others are using the current price weakness as an opportunity to accumulate [2]. This divergence in strategy has contributed to a tug-of-war in the market, with short-term traders capitalizing on volatility and long-term holders remaining patient [2].

Technically, XRP is in a state of flux. A breakout above the key resistance level could trigger algorithmic buying and open the door to a retest of previous highs. Conversely, a failure to hold above that level could result in a retest of the lower support or even a breakdown into a more bearish trend [2]. Market participants are closely watching for a clear signal, as the current situation reflects a broader sensitivity to news flow and macroeconomic factors [2].

The broader cryptocurrency market remains cautiously optimistic, with Ethereum continuing to attract institutional interest as more firms expand their ETH treasuries and explore new use cases [2]. While XRP and other altcoins remain in consolidation, the recent focus on Ethereum-related developments has shifted some capital away from XRP [2]. This trend could reverse, however, if the SEC’s legal case takes a favorable turn.

In summary, XRP is at a critical juncture as it retests a key support level amid ongoing legal uncertainty and shifting market dynamics. The double-bottom pattern offers a potential bullish signal, but its success remains dependent on volume confirmation and regulatory clarity. Investors are advised to monitor both technical and legal developments closely, as the next few weeks could determine the direction of XRP’s next major move [2].

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[1] [2]

Source: [1] "XRP Retests Double Bottom While SEC Vote Hangs in Balance" (https://coinmarketcap.com/community/articles/688a3b9f7e632949c13db480/)

[2] "Crypto Price Analysis 7-29: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, RIPPLE: XRP" (url2)