Popular XRP community member “Common Sense Crypto” identifies the major reason behind XRP’s collapse in the daily charts.
The XRP community was left in disappointment after the coin recorded a dramatic plunge yesterday. Data from CoinMarketCap shows that the XRP price fell below the $0.6 threshold to a 24-hour low of $0.5869.
Notably, XRP’s price crashed from $0.6215 to $0.5866 within three hours, reflecting a decline of 5.61%. However, the dip was short-lived, as the seventh-largest cryptocurrency by market cap rebounded above the $0.6 price level.
Reason Behind XRP Price Decline
Reacting, prominent community member Common Sense Crypto attributed the price decline to the outcome of yesterday’s closed-door meeting at the SEC’s headquarters.
It bears mentioning that the price of XRP spiked to around $0.64, following speculations about a potential settlement in the SEC v. Ripple lawsuit. Several XRP community members speculated that the SEC could agree to settle with Ripple at its closed-door meeting slated for July 25, 2024, at 2 PM (ET).
This speculation was fueled by the meeting’s agenda, which revolves around the settlement of administrative proceedings and injunctive actions. However, the meeting did not bring about the settlement of the SEC v. Ripple lawsuit as many anticipated. Consequently, XRP witnessed a sell-off, according to Common Sense Crypto.
The community member stated that a pattern of XRP sell-off is often seen when the outcome of the SEC closed-door meetings does not produce positive results.
