No XRP Price Surge Expected After Ripple-SEC Verdict: Forecast

cryptonews.com:

The XRP price has dropped by 5.5% overnight, falling to $0.5722 after the SEC canceled a meeting to discuss ongoing litigation.

This means that the altcoin is also down by 5% in a week, although it sits on a 4% gain in a fortnight and an 18% increase in the last 30 days.

Yet with XRP actually down by 17.5% in the past year, the SEC’s cancellation of its meeting has potentially deprived the coin of a chance to make up for lost time.

But some traders are even predicting that the arrival of the long-awaited settlement between the regulator and Ripple will not do that much for the XRP price, at least not without some big adoption news.

XRP has erased the gains it made earlier in the week, when news of the SEC’s closed meeting raised hopes that the regulator was preparing to agree a settlement with Ripple.

It has in fact fallen below where it was prior to the pump, although this means that it is now in an oversold position from where it should rebound.

For instance, its relative strength index (purple) has dropped from 70 at the end of July to just under 40 today.

At the same time, XRP’s 30-day moving average (orange) dropped below the 200-day (blue) yesterday, which is usually sign of a selloff.

Yet it’s likely that this selloff has already bottomed out, given XRP’s RSI and the fact that it bounced a little from its support level (green).