After a few days of pumps, the crypto market is cooling off today. The XRP price, for instance, is down 7%.
The main reason for the plunge is likely the cancelled SEC meeting behind closed doors. This meeting was supposed to happen today, and rumors on Twitter (mainly) were that the SEC was going to discuss a settlement with Ripple at this meeting.
That’s why these were called “rumors” by CaptainAltcoin’s team in the first place.
XRP is now trading below $0.6, so this level has now flipped from support into resistance. At press time, the XRP price is around $0.56.
Source: sec.gov/meetings What’s Next for XRP Holders?
Well, we all have to wait for new updates on the Ripple vs SEC case.
As proven many times in the past, XRP price is tied to this case. Any positive or negative news will affect the price, no doubt.
Actually, the main reason XRP price pumped to over $0.6 this week was this meeting behind closed doors.
However, the reason for cancelling the meeting is unknown. Some XRP holders didn’t want to wait and went into a selling spree.
What’s positive about XRP is that it has an incredible community. However, on days like this, you can’t find a lot of positivity on Twitter, which is understandable.
#XRP Rejected at critical weekly resistance | Lots of work still needed from bulls | Will Update $XRP pic.twitter.com/9C8UkA08hB
— Cryptoes (@cryptoes_ta) July 18, 2024
The crypto market is known for its volatility, and XRP is no exception. While the cancelled meeting has caused a short-term dip, long-term holders are likely to stay focused on the overall progress of the Ripple vs SEC case.
Read also: Solana Price Prediction: Analyst Forecasts SOL Steady Climb to $175 – Here’s His Outlook
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