XRP Drops 19% Amid SEC Meeting Uncertainty

XRP holders are on edge as the SEC's closed meeting on April 3 could potentially provide clarity in the ongoing legal battle with Ripple. The key issue is whether the SEC will withdraw its appeal regarding the Programmatic Sales ruling. Ripple CEO Brad Garlinghouse publicly stated on March 19 that the SEC would back down, but the SEC has not made any public statements. This uncertainty has negatively impacted XRP, which declined by 19% to $2.1088 before increasing by approximately 2.35% on April 1. The overall market increased by approximately 2.81% during the same period. XRP is expected to continue lagging behind other cryptocurrencies due to the uncertainty surrounding the Ripple vs. SEC lawsuit.

The market is eagerly awaiting the next move in the Ripple vs. SEC lawsuit, which could be a turning point for XRP. Legal analysts predict that it may take another 30 to 60 days to reach a final decision, but traders are not waiting for that timeline. Each development in the case sends ripples through the market, making it a high-stakes moment for XRP’s price action. If the SEC drops its appeal, it could lift a major overhang on XRP. However, delays would keep the token stuck in limbo for a longer period if the SEC proceeds to appeal.

In addition to the legal battle, speculation is growing around an XRP ETF, with 18 applications pending approval. If granted approval, XRP could see a considerable value increase. However, if there is a delay in the ruling, the price could regain some of its losses. Economic issues like fears of a U.S. recession and trade tensions create unpredictable market conditions. If the anxious period extends in length, XRP could head back down toward $1.79. However, if there is some unexpected news about the ruling or the XRP ETF, XRP could rally substantially toward $3. With so many moving parts, traders are starting to turn to the charts for any sign of the next big price move.

The price movements of XRP in the 5-minute chart signal an aggressive uptrend in the early part of the day. After its move up at the beginning of the day, the price broke down away from the resistance level and pulled back into consolidation. The RSI indicator has also synced up with this movement by going back and forth between overbought and oversold zones, reflecting XRP’s nature of being very reactive to short-term momentum shifts. Meanwhile, the MACD indicator has shown frequent Golden Crosses and Death Crosses, emphasizing the ongoing battle between buyers and sellers. The most recent Golden Cross suggests bullish momentum may be returning, increasing the chances of another resistance test at $2.18. However, failure to sustain upward movement could invite renewed selling pressure, keeping the price range-bound. A decisive breakout above $2.18 could trigger a rally toward higher resistance zones, potentially extending gains if volume supports the move.

On the downside, if XRP cannot hold above $2.08, then XRP might fall considerably as sellers expect to retest the next primary level of support. The price recently rebounded from support, indicating that buyers are indeed defending the area, furthering its importance. However, whether or not the price continues to consolidate in between the areas suggests decisiveness and will need a clear breakout or breakdown to determine the next significant trend on XRP.

XRP’s price continues to be very reactive to announcements in the Ripple vs. SEC case, including an SEC meeting on April 3, which will likely decide the short-term direction for XRP. The SEC formally withdrawing its appeal, in particular, would be very significant for XRP, removing yet another legal hangover and thus restoring general confidence in investors and opening new upside potential. Conversely, if the SEC’s meeting generates further delays or if it decides to pursue its appeal, XRP may continue to trade in a prolonged consolidation phase with limited upside potential. Further market speculation around some sort of XRP ETF and other broader market conditions adds extra uncertainty. The XRP price prediction indicates that traders should monitor confirmation from signals like MACD and RSI to ascertain the subsequent course of action.