XRP stabilizes around $3 ahead of SEC’s decision; Check forecast

The cryptocurrency market has regained some of the value it lost over the last few days. The total cryptocurrency market now stands at $3.76 trillion, up 1% in the last 24 hours.

The positive performance comes as major cryptocurrencies, including Bitcoin, Ether, and XRP, all added 1% or more to their value.

XRP has stabilized around the $3 region over the last 24 hours, and its next swing point could be determined by the U.S. SEC’s decision later today.

The SEC’s decision on the Ripple case takes center stage

XRP, the native coin of the Ripple blockchain, is up 1% in the last 24 hours and now trades at $2.97 per coin. The coin’s performance over the next few hours could be determined by the SEC’s decision later today.

The United States Securities and Exchange Commission (SEC) is set to deliberate Ripple’s decision to withdraw its appeal at 03:00 UTC. The regulator’s decision comes ahead of a broader ruling expected by mid-month.

The SEC’s hearing could give investors an indication of XRP’s non-security status under U.S. law, an outcome that could eliminate a longstanding regulatory hurdle

In addition to that, Japan’s SBI Holdings has filed for a Bitcoin-XRP ETF. The company’s ETF application underscores international institutional interest. SBI Holdings has pledged up to $1 billion in XRP purchases, with treasury diversification efforts gaining momentum from corporate entities

XRP could hit $3.5 if the SEC’s decision favours Ripple

The XRP/USD 4-hour chart is bearish and efficient despite XRP approaching the $3 mark. The bearish sentiment will fade once XRP surpasses the next major resistance level at $3.3.

XRP has created a strong support around the $2.90 zone, and this could serve as the catalyst to rally higher. The technical indicators are indecisive, with the market neither bullish nor bearish.

The Relative Strength Index of 49 shows that XRP is within the neutral region, suggesting a fading bearish trend. The Moving Average Divergence Convergence lines are also set to cross into the positive zone if XRP rallies higher.

Traders are keenly waiting for the SEC’s 03:00 UTC session and whether Ripple’s appeal withdrawal gets formalized.

If Ripple’s appeal withdrawal is formalized, XRP could rally higher and test the first major resistance level at $3.3. An extended bullish run would allow it to hit the $3.5 mark before attempting to take out the recent high of $3.66.

Investors would also keep an eye on follow-through from SBI’s ETF filing and potential inflows

However, the market could undergo further correction if events don’t play out as expected. If that happens, XRP could test its recent support at $2.90. Failure to defend this support level would see XRP drop to the weekend low of $2.71.

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