XRP Price Prediction as Rumors Emerge Regarding Secret Meetings Between SEC and Ripple – What's Going On?
The price of XRP, the cryptocurrency that powers the XRP Ledger created by US fintech company Ripple, continues to be lower on Tuesday.
Despite rumors circulating on social media that Ripple and the SEC are to hold an undisclosed meeting next Monday, XRP has failed to pick up and was last changing hands just under $0.46, down about 1.5% on the day, around 6% versus last week’s highs and close to 15% since the start of April.
The US Securities and Exchange Commission (SEC) sued Ripple back in December 2020 over allegedly issuing XRP tokens as an unregistered security, a charge that the fintech company has vehemently denied.
Observers speculated on Tuesday that, if the rumored meeting does go ahead, Ripple and the SEC might discuss a potential settlement to the lawsuit.
But the market’s lack of reaction suggests that most traders deem the rumors of a Ripple/SEC meeting as untrue.
However, Ripple CEO Brad Garlinghouse revealed in a recent interview with CNBC that he thinks the lawsuit will be resolved in the first half of 2022, meaning potentially within the next two months.
While an end to Ripple and the SEC’s lengthy lawsuit does seem to be approaching, XRP is at risk of suffering further losses given the cryptocurrency's downbeat near-term technical outlook.
XRP has been in a downs trend channel since the start of last month and is now below its 21 and 50-Day Moving Averages.
The door appears to be open for a retest of the 200-Day Moving Average in the $0.41s.
The longer-term technical picture also remains somewhat concerning.
XRP’s failure to break substantially back to the north of the downtrend linking the 2021 highs earlier this year is a sign that the XRP bear market might not be over.
However, with other blue-chip
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