XRP Falls 16%: Can the SEC Meeting Stop the Drop?

XRP has taken a hit, dropping over 16% in just a week as fear spreads across the crypto market. With investors on edge, an upcoming SEC meeting could be the turning point—either bringing much-needed relief or adding more pressure to an already fragile price.

The uncertainty surrounding regulatory decisions is weighing heavily on market sentiment, with many wondering if XRP’s current downturn is just a temporary blip or the beginning of a longer-term trend.

XRP Struggles Amid Market Uncertainty

XRP has been under pressure lately, dropping 16.82% over the past week and 5.65% in a single day. At the time of writing, it's trading at $2.06—far from its multi-year high of $3.40 reached just months ago. This decline mirrors a broader market sell-off, largely influenced by President Donald Trump’s ongoing trade war. Even bullish developments, like the SEC dropping its lawsuit against Ripple, haven't been enough to counteract the prevailing bearish sentiment.

Despite the pullback, XRP is still up an impressive 350% from its November 2024 low of $0.50. This suggests a period of consolidation following a strong rally, raising the question: is this the end of the bull run, or is XRP setting up for another move higher?

Key Support and Resistance Levels

XRP has been trading within a well-defined range since January, with support at $1.77 and resistance at $3.21. Every attempt to break through the upper boundary has been met with selling pressure, weakening bullish momentum.

Popular analyst CrediBULL Crypto recently pointed out that XRP’s latest bounce attempt failed at $2.20, giving the bears more control. He predicts the price may soon retest $1.77, which could present a buying opportunity if it holds.

That said, a Bitcoin-led market recovery could help XRP rebound in the short term. But unless XRP decisively breaks above $3.21, a strong uptrend remains unconfirmed. According to CrediBULL, the key level to watch is still $1.77—if it holds, bulls may regain confidence.

On a larger time frame, analysts at InvestingScoope argue that XRP is still trading within a long-term bullish channel, mirroring its March 2020–April 2021 cycle. Their analysis suggests that, despite short-term weakness, XRP could still be on track for a push toward $6.50 in the coming months—provided it holds above its 50-week moving average (1W MA50).

SEC Uncertainty Weighs on XRP’s Future

One factor keeping investors on edge is the lack of an official SEC statement confirming the withdrawal of its appeal against the Programmatic Sales of the XRP ruling. Ripple CEO Brad Garlinghouse publicly announced the withdrawal on March 19, but without formal acknowledgment from the SEC, uncertainty lingers.

Adding to the drama, the SEC recently dismissed its case against Coinbase (COIN) within a week of CEO Brian Armstrong stating it was over. Yet, XRP hasn’t received the same level of clarity. Attorney John E. Deaton, who represented 75,000 XRP holders in the Ripple case, has called for the SEC to release the IG report detailing these conflicts. Transparency on this matter could bring much-needed clarity to XRP's regulatory status and investor confidence.

Also, the SEC’s upcoming private meeting on April 3 could provide some much-needed clarity on XRP’s regulatory situation, particularly in relation to the approval of XRP-spot ETFs. A positive outcome could boost Ripple’s presence in the U.S. financial market, but if the SEC drags its feet, XRP may struggle to break free from its current price range.

Conclusion

Overall, XRP’s recent struggles reflect broader market uncertainties and regulatory challenges. The SEC’s private meeting could be a pivotal moment, potentially providing the clarity Ripple needs to regain momentum.

However, until a clear resolution emerges, XRP’s price may remain trapped within its current range, leaving investors uncertain about the next big move. The next few weeks will likely be crucial in determining whether this is a temporary pullback or the start of a prolonged downtrend.