<ul>
 <li>SEC and Ripple set for another closed-door meeting, sparking settlement speculation.</li>
 <li>XRP’s price and trading volume show bearish trends ahead of the meeting.</li>
 <li>Market analysts provide mixed predictions based on potential meeting outcomes.</li>
</ul>
As the cryptocurrency world holds its breath, <a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple </a>and the Securities and Exchange Commission (SEC) prepare for another closed-door encounter.
This imminent meeting has ignited a flurry of speculation about a potential settlement in their long-standing legal battle. Despite the anticipation, the market’s reaction paints a picture of cautious pessimism, with XRP experiencing downward pressure on both price and trading activity.
<h2 class="wp-block-heading" id="h-decoding-the-xrp-market-s-bearish-signals">Decoding the XRP Market’s Bearish Signals</h2>
In the hours leading up to this pivotal discussion, XRP’s market performance has been less than stellar. The digital asset currently changes hands at $0.60, marking a 6% decline over the past day.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="502" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-4-1024x502.png" alt="" class="wp-image-104744" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-4-1024x502.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-4-300x147.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-4-768x377.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-4.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://www.tradingview.com/x/LSyNpdEW/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
More tellingly, the trading volume has plummeted by 27%, totaling a mere $27 million. These figures suggest a retreat by traders, potentially bracing for volatility or expressing skepticism about immediate positive outcomes.
A deep dive into XRP’s technical analysis reveals a growing bearish sentiment. The Moving Average Convergence/Divergence (MACD) indicator, a trusted tool for gauging market momentum, shows the MACD line dipping below its signal counterpart.
This crossover typically signals a shift towards selling pressure, indicating that bears currently have the upper hand in the market.
Further compounding the bearish outlook, XRP’s Relative Strength Index (RSI) sits at a precarious 46.08, trending downwards and failing to breach the crucial 50-neutral threshold.
This reading suggests that sellers are becoming increasingly dominant, with the potential for continued downward price action in the short term.
The derivatives sector for <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP </a>tells a similar tale of caution. Over the last 24 hours, derivatives trading volume has nosedived by 18%, while open interest has contracted by 10%.
This reduction in open positions without corresponding new entries typically indicates a lack of confidence in future price appreciation, further reinforcing the bearish narrative.

XRP at a Crossroads: Analyzing Market Sentiment Ahead of Crucial SEC-Ripple Meeting

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