After a few days of pumps, the crypto market is cooling off today. The XRP price, for instance, is down 7%.
The XRP price is down 7% today following the cancellation of a closed-door SEC meeting that was expected to discuss a settlement with Ripple.
The XRP price had been rallying in recent days on rumors of a possible settlement, but those hopes were dashed today with the cancellation of the meeting. The XRP price quickly dropped from over $0.6 to below $0.55.
This level had been acting as support in recent weeks, but the selling pressure was too strong today and XRP price slid past it.
Now, traders are watching to see if XRP can quickly regain this level or if it will continue to slide lower.
Technical Analysis of XRP Price on Lower Time Frames
On the 4-hour chart, we can see that XRP price is now approaching a critical support level. This level has been holding strong for several weeks now, and it will be interesting to see if it can continue to do so.
If XRP price can hold this level, we could see a quick bounce back up to the resistance level at around $0.6.
However, if XRP price breaks below this support level, it could quickly drop to the next support level at around $0.52.
Overall, XRP price is still in a bullish trend, but the cancellation of the SEC meeting has certainly put a damper on things.
Traders will be watching closely to see how XRP price reacts in the coming days and weeks.
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