The Securities and Exchange Commission (SEC) engaged in another private meeting with Ripple on August 1, fueling market speculation about a potential resolution in their ongoing legal battle. Despite the anticipation, the cryptocurrency market continues to experience a downward trend, with XRP‘s price and trading volume taking a notable hit in the past 24 hours.
Why Are Market Participants Speculating?
XRP’s current trading value stands at $0.60, marking a 6% drop within the last day. Concurrently, trading volume saw a 27% decrease, amounting to $27 million. This meeting follows a previous one on July 25, where the establishment and resolution of precautionary measures were on the agenda. The specifics of that meeting remain undisclosed, leading to heightened speculation.
Bitget Research Chief Analyst Ryan Lee provided insights, stating that potential settlement options for the Ripple case would be on the table. Ripple Labs’ founder hinted that an official settlement might soon be announced, which could positively influence XRP’s price movement.
How Is XRP’s Price Trending?
Recent analysis of XRP’s price movements on a 4-hour chart shows an increasing downward trend as the market awaits the meeting’s outcome. The MACD indicator reveals that the MACD line has crossed below the signal line, indicating a bearish trend. Additionally, XRP’s Relative Strength Index (RSI) is currently at 46.08, further reflecting a bearish sentiment with the RSI below the neutral line of 50.
Market Indicators
Key observations from recent trading activities include:
- Futures trading volume for XRP dropped by 18% over the last 24 hours.
- Open interest decreased by 10%, indicating a lack of new positions being opened.
- The MACD indicator and RSI suggest a bearish trend, with selling activity surpassing buying momentum.
Lee predicts that the SEC meeting outcome will significantly impact XRP’s price. A positive resolution could drive the price up to $0.75 in August, while a negative outcome might push it down to around $0.50.
Investors should keep an eye on these indicators for potential trading opportunities and overall market sentiment. The next few days will be crucial in determining the short-term direction of XRP’s price.