The cryptocurrency market recorded a positive performance over the weekend, with major cryptocurrencies all in the green.

Bitcoin, the leading cryptocurrency by market cap, is heading towards the $110k mark after crossing $109k a few hours ago.

Ripple’s XRP also added 2% to its value over the weekend and could rally higher as the community awaits some important announcements. 

XRP has been performing excellently over th

e last few days as investors await some crucial announcements regarding Ripple. 

On July 3rd, the regulator held its first closed meeting since Judge Analisa Torres rejected the SEC and Ripple’s joint motion for an indicative ruling on settlement terms.

The SEC didn’t provide any post-closed meeting announcement but analysts speculate that the regulator didn’t do so because of the Fourth of July holidays.

Investors now expect the SEC to announce plans to withdraw its appeal today if a vote was taken on July 3.

However, if the SEC maintains its silence, investors would likely shift focus to the July 10 closed meeting. 

The regulator previously voted in favor of lifting the restrictions prohibiting XRP sales to institutional investors and reducing the $125M penalty to $50M.

The SEC may have also voted in favor of dropping its appeal per the settlement terms. 

The resolution of this case would affirm XRP’s status as a non-security while also confirming that Ripple’s XRP sales to institutional investors no longer breach US securities laws.

The XRP/USD 4-hour chart is bullish, indicating that the coin is facing buying pressure from investors. XRP rallied by roughly 2% over the last 24 hours and now trades at $2.2729 per coin.

The short-term XRP price forecast hinges on the SEC’s appeal plans and US XRP-spot ETF-related updates.

The MACD lines are within the positive zone, while the RSI of 59 shows that XRP is heading into the overbought territory if the market trend persists.

A breakout above last week’s high of $2.3275 could enable the bulls to push XRP higher to target the May high of $2.6553. XRP would rely on the broader crypto market if it intends to break the January high of $3.4042. 

In the event of a sustained rally through $2.6553, XRP could surge higher toward $3, and the 2025 high of $3.3999 will come into play.

However, a drop below the current 50-day EMA would see XRP retest the 200-day EMA. Increased selling pressure would see the bulls forced to defend the $1.9299 support level in the near term.

Failure to defend this support level could see XRP retest the $1.5 level for the first time since April 25.

XRP’s short-term performance could be determined by the SEC’s upcoming announcements and ETF-related updates.

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