Ripple (XRP) Market Witnesses Calm During SEC-Ripple Meeting
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The SEC and Ripple are engaging in another closed-door meeting, sparking market speculation of a possible settlement. Despite this, XRP's price has dropped by 6% to $0.60, with a 27% decline in trading volume over the past 24 hours.
Analysts are observing bearish trends in the market, as indicated by the MACD and RSI indicators. This reflects decreased buying momentum and increased selling activity.
In the derivatives market, trading activity has also declined, with an 18% drop in trading volume and a 10% decrease in open interest. This indicates traders' lack of confidence in upcoming price movements.
Ryan Lee of Bitget Research notes that a favorable meeting outcome could raise XRP's price to $0.75. Conversely, an unfavorable outcome may see the token's price drop to around $0.50.
Source: beincrypto.com ↗
