With all eyes on Ripple and the US Securities and Exchange Commission (SEC) possibly reaching a settlement very soon, one analyst predicts that XRP could be driven to $0.7 in August. The two sides are meeting for a closed-door meeting as hype is building for a potential conclusion.
The crypto has struggled today, falling more than 8% in the last 24 hours, according to CoinMarketCap. Yet, it is still up more than 22% in the last 30 days, currently sitting above $0.58 after reaching the $0,65 level on July 31st. That may set the table for a massive surge to end the summer.
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XRP to $0.7 This Month? SEC Settlement Paves The Way
Heading into 2024, Ripple had immense potential. The cryptocurrency was expected to end its longstanding legal battle with the SEC. Moreover, that was prepared to lift the asset in a surge that would leave it as one of the year’s biggest gainers.
With a vital meeting taking place now, Ripple could be set to see that SEC settlement and, therefore, be staring at a $0.7 XRP in August. Over the final 20 days of July, the crypto had surged by more than 72%. That was mostly driven by anticipation for an end to the lawsuit.
It looks as though political developments have also impacted the price. The last several weeks have been important to crypto’s place in politics. US Senator Cynthia Lummis introduced a bill that would require the government to hold Bitcoin. Moreover, Donald Trump’s re-election campaign has greatly leaned on a pro-crypto position.
Also Read: Ripple (XRP) And Binance Coin (BNB) Price Prediction For August 2024
That is certainly good news for Ripple. The asset has struggled with regulatory clarity, and these actions could be a step to clearing that up. Additionally, the SEC has had a change of heart recently. A filing in its case against Binance saw it change the security status classification for tokens like Solana and Cardano
Despite its recent decline, XRP’s potential is still there. Currently, a resistance is forming at the $0.5780 level, the psychological $0.55 level follows closely. If they can hold, the token could attempt a surge to the $0.65 resistance level.
The asset has done well at that threshold in the past. Subsequently, if it can breach that mark, then the path to $0.7 becomes increasingly clear. With an SEC settlement announcement, the token should have no problem initiating the increase throughout August.