XRP Price Update: Market Trends & Latest Developments
At the time of writing, XRP is trading at $2.59, marking an intraday decline of 3.28%. The cryptocurrency’s market capitalization stands at $150.42 billion, with a 24-hour trading volume of $4.78 billion. Despite gaining 4.65% over the past week, today’s pullback has sparked concerns among investors.
So, why is XRP dropping today? Let’s break down the key reasons behind this price action.
Why Is XRP Dropping? 3 Key Factors Behind the Decline
1. Technical Indicators Signal a Pullback
Prominent crypto analyst Ali Martinez has flagged a potential downtrend in XRP’s price movement. The TD Sequential indicator—which helps predict trend reversals—has flashed a sell signal on the daily XRP/USDT Binance chart. A red ‘9’ signal typically suggests that the asset is overbought and could be due for a correction.
Recent price action saw XRP climb past $2.70, testing resistance at $2.85, before being rejected. With the latest bearish candlestick, a drop toward $2.60 or lower could be in play if selling pressure persists.
2. SEC’s Closed Meeting on February 20 Sparks Uncertainty
The U.S. Securities and Exchange Commission (SEC) has scheduled a private meeting on February 20, fueling speculation about regulatory actions that couldz impact Ripple and XRP. Key agenda points include:
- Litigation and enforcement discussions
- Institution and settlement of legal actions
- Potential updates on the Ripple lawsuit
Given the SEC’s ongoing legal battle with Ripple, investors remain cautious, fearing that any negative ruling or appeal strategy from the regulator could further weigh on XRP’s price.
3. XRP Criticized as a ‘Centralized Security’
Venture capitalist Jason Calacanis recently made headlines by labeling XRP as a centralized asset rather than a true cryptocurrency. He argued that an XRP spot ETF approval could introduce market instability, warning that it might enable early investors and institutions to offload large amounts of tokens.
This skepticism has contributed to market uncertaintyz, causing some investors to step back amid fears of increased volatility.
XRP Price Prediction: What’s Next for XRP?
Despite the current downturn, there are positive developments on the horizon:
- SEC Acknowledges Grayscale’s XRP Spot ETF Application: This marks the beginning of a 240-day review period, which could lead to ETF approval, boosting XRP’s legitimacy and institutional interest.
- Technical Projections: If bullish momentum returns, analysts suggest short-term targets between $4.06 and $5.28.
- Long-Term Outlook: By 2030, optimistic forecasts place XRP’s price at $6.50, provided Ripple adoption increases and the broader crypto market strengthens.
Will XRP Recover?
While short-term volatility remains, regulatory clarity and potential ETF approval could serve as catalysts for a stronger XRP rebound. Investors should keep an eye on upcoming SEC decisions and technical indicators to gauge the next price direction.
Stay tuned for more XRP news and live market updates!
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