XRP Price Decline: Discover the Sole Factor Behind XRP’s Drop Below $0.60
XRP community observed a sharp decline in the value of the coin yesterday, with its price falling below the $0.6 mark and hitting a low of $0.5869 within 24 hours, as per CoinMarketCap data. The price of XRP dropped from $0.6215 to $0.5866 in just three hours, marking a 5.61% decrease.
Why XRP Slip
However, the decline was short-lived, and the cryptocurrency quickly recovered, rising back above the $0.6 level. The price drop was attributed to the outcome of a closed-door meeting at the SEC’s headquarters, as noted by a prominent community member, Common Sense Crypto.
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Speculation surrounding a potential settlement in the SEC v. Ripple lawsuit had driven XRP’s price to around $0.64. This speculation was fueled by expectations of a settlement during a closed-door meeting scheduled for July 25, 2024, at 2 PM (ET), with the meeting’s agenda centering on the settlement of administrative proceedings and injunctive actions. However, the meeting did not result in the anticipated settlement, leading to a sell-off in XRP, as per Common Sense Crypto. Common Sense Crypto highlighted a pattern of XRP sell-offs following SEC closed-door meetings that don’t yield positive results.
Ripple-SEC Lawsuit
Investors are eagerly anticipating the final resolution of the Ripple lawsuit, which has had a negative impact on XRP’s price since it commenced in December 2020. XRP notably did not reach a new all-time high during the 2020/2021 market cycle, unlike many other cryptocurrencies. Its previous all-time high of $3.84 was set on January 4, 2018, over six years ago.
XRP’s price typically surges when rumours of a potential settlement emerge and drops when these rumors do not materialize. As of now, XRP is down 1.02% in the past 24 hours, trading at $0.6067.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
