XRP Drops 5% Awaiting SEC Meeting on April 3

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

XRP has been oscillating in the previous couple of weeks, with the price pulling back to a support area of $1.95 to $2.10. This level has historically been useful in balancing declines to levels that had not been very steep. Currently, XRP is valued at $2.06, though it declined by 5% in the past day. Analytics indicate that XRP needs to make the next move to further intensify its price surge in the future. The Relative Strength Index (RSI) is about 37, which indicates selling pressure. 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. 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.

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. In a recent settlement, 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.

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.