Crypto Analyst Identifies Reason Why XRP Price Fell Below $0.60

XRP price declined yesterday, dropping below the $0.6 support level to $0.58 in 24-hour trading. The crypto asset price dropped from $0.62 to $0.58 within three hours, indicating seller pressure.

Nevertheless, XRP has shown remarkable resilience in rallying above the $0.60 mark today. Its gain of 27.1% this month also confirms renewed investor interest.

Speculation surrounding a meeting between the US SEC and Ripple Labs likely increased XRP’s price volatility. XRP’s price is $0.60, and it has slightly declined in the past 24 hours.

Analysts Highlight Possible Reasons Behind XRP Price Decline

Analyst Common Sense Crypto believes XRP’s price decline results from the closed-door meeting with the SEC.

There is the sell off just like every month when these meeting turn out to be nothing! $xrp pic.twitter.com/OLhJuRzqac

— Common Sense Crypto (@TheCSCrypto) July 25, 2024

He noted that XRP is usually sold off every month when such meetings do not yield results. Also, crypto influencer Crypto Barbie stated that the SEC meeting with Ripple Labs scheduled for July 18 was postponed to July 25.

BREAKING NEWS:

The canceled SEC meeting from yesterday, July 18, has been postponed to Thursday, July 25!

Will this finally be the end of the #Ripple vs. SEC case? https://t.co/TZ8APTjx7y pic.twitter.com/r9nL5i5dGz

— ???????????????????????? (@_Crypto_Barbie) July 19, 2024

The US SEC, in its Sunshine Act Notice, declared that the meeting would be held remotely or at the commission’s Headquarters.

While there were speculations that the meeting would end the Ripple vs SEC case, there was no update regarding such a resolution. The meeting agenda focused on administrative issues and court orders.

XRP’s price rallied to $0.74 based on speculation of a potential settlement with the US SEC. However, the coin witnessed a selloff after the meeting since it did not provide information on the end of the ongoing lawsuit. 

Currently, XRP remains below the $1 price level despite projections and strong community support. XRP traded at the $0.47 price level early in July, showing price volatility until it rose to $0.52 on July 14.

Also, XRP has tested the $0.6 price level but faces rejection due to increased sell-offs supported by negative investor sentiment. Nevertheless, XRP’s daily chart shows signs of a possible rally ahead. 

Ripple’s Native Token in Sideways Trend: What Comes Next?

XRP has found critical support at the $0.59 price level, preventing further price decline since July 21. The red candle formed on July 25 shows the market selloff by investors hoping to cash in on the brief rally.

The inverted hammer formed today hints at a possible trend reversal ahead for XRP. A rejection at the $0.60 price level continues to make XRP volatile.

Notably, the RSI indicator is in the buy zone with a value of 62.38. So, XRP buyers are still active and will likely retest the $0.60 price level soon.

Also, the MACD indicator confirms the bullish sentiment since it is still above the signal line. So, XRP will likely break above the $0.60 resistance level in the coming days and retest $0.70.

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