- The SEC’s closed meeting today may impact XRP’s price, with a case withdrawal fueling gains or prolonged litigation pressuring it.
- XRP’s key support at $2.70 remains crucial, with a sustained hold above it signaling a bullish move toward $4.83 and higher.
- Analysts highlight XRP’s six-month close above the Bull Market Support Band, reinforcing strong long-term momentum.
The ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple is a key to XRP’s price. Today, January 30, the SEC will hold a closed meeting, with Acting Chair Mark Uyeda and Commissioner Hester Peirce.
The meeting follows the SEC’s appeal related filing on January 15, five days before Gary Gensler stepped down as SEC Chair. President Trump nominated Paul Atkins for the position, with Mark Uyeda serving as Acting Chair.
Both share a more market friendly stance on crypto regulation. A decision on the SEC’s appeal will influence XRP price movements, with a withdrawal potentially driving new highs, while continued litigation could pressure the price downward.
XRP Current Market Performance
At press time, XRP was trading at $3.12, up by 0.48% in 24 hours, reversing a 0.50% decline from January 29. The market cap is at $179.51 billion, a 0.46% increase. Analysts predict that in the coming months, XRP may be extremely bullish.
Bullish and Historical Perspectives
Egrag Crypto is bullish on XRP, emphasizing the importance of the monthly close above $3.10. He notes that buyers have consistently defended levels below $3, similar to past accumulation phases.
If XRP maintains this momentum, February could witness increased buying pressure. Additionally, Egrag Crypto points to volume patterns, comparing the SEC lawsuit period with the current market. A substantial volume spike is needed before considering a cycle peak.
In a historical context, Egrag Crypto notes that XRP is closing a six month candle above the Bull Market Support Band (BMSB) for the first time. This suggests strong long term momentum, with the lower boundary of the BMSB at $2.
He argues that, under normal conditions, XRP is unlikely to fall below this level. However, global uncertainties, such as cybersecurity threats or economic crises, could impact market trends negatively.
Key Support and Resistance Levels
According to analyst Rose, XRP has completed a compression pattern and maintained strong support at $2.70. This level remains important, as further accumulation could lead to an upward move toward $4 and above.
A breakout from a downward pattern has shifted momentum to a bullish phase. If XRP sustains its position above this support, targets of $4.83 become achievable. However, a drop below this key level could lead to further declines.
The recent rejection from a local high signals selling pressure, but the market pattern remains optimistic. Analysts emphasize monitoring volume and support levels for further confirmation of bullish trends.