XRP Price Rally Stalls As Experts Downplay Settlement Hopes After SEC Closed Door Meeting

XRP price has seen significant fluctuations over the past few days, demonstrating a bullish trend across the board. The cryptocurrency has been hovering above the critical $0.59 support level, reflecting a resilient buyer presence in the market. This marks a notable recovery phase for XRP after a period of volatility.

However, over the past 24 hours, the market has witnessed a slight pullback in XRP price. The decline raises concerns about whether the support level will hold if bearish pressures continue. As of the reporting time, XRP is trading at $0.5906, with a slight decrease of 2% during the U.S. trading session. 

XRP Price Fluctuates Amid SEC Rumors

Over the past week, the cryptocurrency has witnessed a notable surge in value, climbing by 9%. The price of XRP saw a weekly low of $0.54 and reached a high of $0.62 during this period.  This upward movement is captured in its recent price, which shows significant fluctuations but an overall positive trend over the last seven days.

The 4-hour technical chart for XRP/USDT on Binance indicates moderate volatility in the market over the past several weeks. The Moving Average Convergence Divergence (MACD) shows a relatively flat movement, suggesting a lack of strong directional momentum in the short term.

The MACD line is close to crossing below the signal line, a potential indicator of a bearish trend if it continues. The Relative Strength Index (RSI)  stands at 43, indicating that XRP price is neither overbought nor oversold. 

With the XRP settlement rumors swirling, Ripple Labs finds itself at a pivotal point in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC). Enthusiasts of XRP have high hopes for a favorable outcome, stirred by recent statements from Ripple’s CEO about potential settlement talks. Legal experts supportive of XRP argue that a settlement could significantly affect Ripple operations. 

They caution, however, that a settlement could bar further appeals, a reason it might not occur. A pro-XRP attorney criticized the SEC’s stiff demands, which include penalties totaling approximately $2 billion for disgorgement and interest. He expressed skepticism about the SEC’s ability to enforce such a substantial financial penalty against the cryptocurrency firm.

XRP price is facing strong rejection at $0.62. If bullish sentiment returns, it could reach $0.68 or even $0.70. However, if bears take control, the price may fall back to support levels at $0.58 or lower, potentially testing the resilience of the $0.55 support zone