Amid the recent $140 billion sell-off in the cryptocurrency market, the XRP is now eagerly awaiting the outcome of a crucial meeting of the US Securities and Exchange Commission (SEC) scheduled to take place today, which could influence the price of the cryptocurrency. The meeting, which is being held behind closed doors, has fueled speculation about its purpose.
Amid the scenario, the token fell below the $2 mark on Thursday morning, triggering investor alerts. At the time of publication, the price of XRP was quoted at $1.99, down 5.9% in the last 24 hours. The asset has fallen 14% in just seven days.
Source: TradingView
The $2 mark represents a crucial support level for XRP, and breaking it could trigger a massive sell-off in the market. However, despite the recent drop, the asset could soon recover if it can hold onto its crucial zone, according to Ali Martinez. “$XRP Could Be Poised for a Rebound! Holding Above $2 While TD Sequential Flashes a Buy Signal!”
$XRP could be setting up for a rebound! Holding above $2 while the TD Sequential flashes a buy signal!
pic.twitter.com/LZBaQxvb2N
— Ali (@ali_charts) April 3, 2025
There is a lot of anticipation surrounding the SEC meeting, with some members of the XRP community expecting the regulator to vote on whether to dismiss the appeal in the Ripple lawsuit. This decision could have a significant impact on the price of the XRP token.
It is worth remembering that, recently, Ripple Labs finished a settlement with the United States Securities and Exchange Commission (SEC), ending a lawsuit that has been ongoing since 2020. According to Stuart Alderoty, Ripple’s chief legal officer, via Twitter, the company agreed to pay a significantly reduced fine of $50 million, a considerable reduction from the $125 million initially proposed by the SEC.
The settlement requires Judge Analisa Torres to revoke the injunction that required Ripple to register its future sales of securities, a condition that marked the lawsuit. With this move, both parties demonstrate a willingness to drop the previously sought remedies, seeking a definitive resolution of the dispute.