The post Ripple News: Can the SEC’s April 3 Meeting Save XRP from Dropping Below $2? appeared first on Coinpedia Fintech News
XRP has shown some interesting price movements over the past 24 hours, with increased trading activity catching the attention of traders. Even though volume is down 6%, it’s holding up better than Bitcoin, where trading volume has dropped by 37%. Recently, XRP dropped to a key support zone between $1.95 and $2.10. This level has been important in the past, and it’s holding well so far.
Crypto analyst Josh from Crypto World shared an update on XRP’s price action. According to him, XRP is showing a slight bullish bounce. This comes after an oversold signal in the RSI (Relative Strength Index), suggesting that XRP was due for a short-term relief rally. This bounce or sideways movement is expected to last for the next day or two.
Josh explains that an oversold signal isn’t a bottom signal—it just means the price needs some kind of reset in the short term. This oversold condition coincided with XRP’s price getting very close to major support, which is why the price has seen this slight bounce. The next key support level to watch is between $1.50 and $1.25, and XRP bounced from just about $1.26, just one cent away from that area.
If the short-term bounce continues, resistance is expected around the previous support zone, now acting as resistance, between $2.24 and $2.30. If XRP manages to break above $2.30, the next resistance levels are around $2.48 and $2.56.
SEC Closed Door Meeting (April 3):
The SEC has scheduled a private meeting to talk about legal actions, administrative proceedings, and enforcement issues. According to reports, this meeting could help clarify XRP’s regulatory situation, especially regarding the approval of XRP-spot ETFs. If the news is positive, it could open doors for Ripple to grow in the U.S. financial market, as stressed recently by the CEO Brad Garlinghouse.