Ripple’s XRP in Pressure Cooker on SEC April 3 Meeting
A potential vote to withdraw Ripple’s appeal in the SEC’s upcoming closed meeting on April 3 kept the token under the consolidation phase. XRP has experienced overwhelming selling pressure after Garlinghouse’s announcement amid market correction in the crypto space.
Should the SEC take significant time in voting to withdraw the appeal, XRP could dip below $2. The remittance token oscillated at $2.1 after breaching the $2.2 resistance on Monday.
XRP has a market valuation of $122.3 billion. Over the past day, the cryptocurrency has remained 40 percent below its all-time high of $3.40, ranging in a narrow range between $2.05 and $2.50.
The growing bearish momentum suggests that XRP may be about to experience a more severe drop despite the lack of indications of an impending recovery.
Bearish bias is affirmed on the token’s price action. Weak momentum below the neutral 50 mark is indicated by the Relative Strength Index (RSI) at 39.
The Commodity Channel Index (CCI) is at -182.70, in the oversold territory, while the Stochastic percent at 11.67% indicates a glaring lack of buying interest. The sellers’ dominance is further supported by the Awesome Oscillator, which is still negative at -0.13.
A clear sell signal is issued by the Moving Average Convergence Divergence (MACD) at -0.06, while the Momentum Indicator remains stable at -0.31.
The technical outlook is still firmly pessimistic, with XRP poised for a disastrous collapse. Any short-term recovery attempts would be nullified by a drop below $2, which could lead to panic selling.
The path of least resistance is unmistakably downward, as oscillators and moving averages indicate sustained downward momentum. If sellers maintain their dominance, XRP may fall to $1.80 or less, trapping it in a difficult situation.
Recession fears, US labor market issues, and tariff developments have all contributed to the market volatility. However, XRP’s short-term future depends on the Ripple-SEC deal.
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