XRP News: Will SEC’s April 3 Meeting Prevent a Drop Below $2?

XRP investors are closely watching the Securities and Exchange Commission’s (SEC) closed-door meeting scheduled for April 3. XRP has been battling to maintain its position above the $2 mark, with recent price movements reflecting both uncertainty and market anticipation. Traders are keen to see whether the meeting will provide regulatory clarity that could support XRP’s stability or trigger further declines.

XRP Struggles to Hold $2 Amid Market Volatility

XRP has since been oscillating in the previous couple of weeks and the price has pulled back to a support area of $1.95 to $2.10. This level has over the years been useful in balancing declines to levels that had not been very steep. XRP has the value of $2.06, though it declined by 5% in the past day, based on Coingecko data.

Analytics showed that XRP needs to make the next move to further intensify its price surge in the future. Currently, the Relative Strength Index (RSI) is about 37, which indicates that there is an indication of selling pressure. Also, the price is currently below the most important indicators, as the 50 and 100 EMAs currently indicate. 

The last line of technical support is formed by the 200 EMA located approximately at $1.94. A further decline below this level may lead to more losses and push XRP to a fresh low around the $1.85 to $1.80 range.

As you will notice, trading volume is volatile, and there are intermittent increases in buying interest, but it does nothing but contribute to the bearish condition. XRP has been on a downward trend, and analysts believe that, in the absence of a major trigger, the trend might continue in the next few days.

SEC Meeting to Address Regulatory and Legal Matters

The SEC’s private meeting on April 3 has drawn notable attention from the crypto market. The agenda includes discussions on legal actions, administrative proceedings, and enforcement matters. Many investors are speculating whether this meeting will provide updates on the long-standing regulatory status of XRP.

Ripple has been in a legal battle with the SEC for the past few years. An example was that in a settlement that was recently made, Ripple was made to pay $50 million, down from the $115 million that was initially expected. Although this was a positive development as it relates to regulatory matters, uncertainties remain as to whether XRP will be recognized as a security or not. Another possible topic that may come from this meeting is the approval of an XRP-spot exchange-traded fund (ETF).

Some securities market experts believe that provided the meeting yields a positive result, such as confirmation of XRP as non-security or advancement towards ETF approval, the investors will enjoy a new boost. On the other hand, in the absence of any positive changes in regulation, developing a strong support above $2 for XRP might be a preserve of a dream.

Potential Outcomes and Price Forecasts

Traders and analysts are considering multiple scenarios based on the SEC meeting’s outcome. If regulatory clarity is achieved and positive developments, such as ETF approval or institutional adoption, are announced, XRP could attempt a rally toward its next resistance levels at $2.24 and $2.30. Breaking above this range could push the price further toward $2.48 and $2.56.

Nevertheless, if uncertainty persists and no regulatory backing comes in the near future, the coin may decline further to the levels of $1.85 and $1.80. In case of a larger sell-off in the market, a drop towards $1.50 and $1.25 with a rebound earlier might be expected for the XRP price.

Some of the possible advantages include increased institutional adoption as Ripple establishes long-term partnerships with major financial companies. According to sources, over 10,000 institutions surveyed have already piloted Ripple’s distributed-ledger system within the context of integrating on the Swift system. 

The institution of acceptable relationships between Ripple and SWIFT would be a good, solid platform for the future, while any deferment in such relations would contribute a bit of volatility to the price.

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