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

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.

XRP Price Remains Bullish Against Bitcoin As Eventful Week Kicks Off

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 price of XRP 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 Bitcoin price 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.

The BTC/USD price is pushing higher, aiming for the $72,000 mark, as data from Bitinfocharts shows that the average transaction fee on the chain hit its lowest in the last six months. 

Trending above the 50-day and 200-day SMA, BTC price prediction shows strong bullish momentum as the relative strength index (RSI) inches closer to the overbought (OB) zone. 

Weekly Bullish Catalysts: Ripple-SEC Closed Meeting, Bitcoin Conference, ETH ETF

The starting week is full of crypto-catalyst events that may result in price volatility.

• July 23 – Spot Ethereum ETFs begin trading, potentially capturing huge volumes and triggering bullish sentiment in the general market. 
• 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.
• 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.” 
• 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).

This week, These events are expected to kick-start the crypto bull market in 2024–2025.

Bottom Line

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.

Frequently Asked Questions (FAQs)

1. When is the Ripple-SEC closed door meeting?

The closed door meeting between Ripple and SEC will take place on July, 25.

2. Can Ripple win its case against SEC?

There is high likely hood that Ripple will win, as romors of a settlement are on the table.

3. Will Bitcoin break $70,000?

The Bitcoin price seems to have regain normalcy as it looks to add gains and potentially crossing the $70,000 mark in short term.

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