XRP Price Prediction: The Upcoming April 3 Closed-Door Meeting of the SEC Can Represent a Turning Point

The upcoming April 3 closed-door meeting of the SEC can represent a turning point in XRP's price trajectory.

The upcoming April 3 closed-door meeting of the SEC can represent a turning point in XRP’s price trajectory. This is because the community will probably get an official announcement about the XRP SEC lawsuit.

At first, we heard about the alleged agreement between the SEC and Ripple on March 19 from Ripple’s CEO, Brad Garlinghouse. This agreement was for the SEC to drop its appeal to the lawsuit and for Ripple to also drop its cross-appeal. However, since then, there has not been an update from the SEC. XRP has also declined more than 20% since then, but it can use this news to surge again.

Any short-term XRP price prediction now depends on the results of today’s SEC meeting. Additionally, the SEC can also set the XRP token to surge by approving the pending XRP ETF proposals. Based on the reports, currently 18 ETF requests have been presented to the SEC, showing a lot of market demand. As such the community is waiting and observing as the future of XRP is in the hands of SEC now.

In more recent news, we also got a statement from Stuart Alderoty, Chief Legal Officer at Ripple. This statement clarified more information about the XRP SEC lawsuit and the conditions on which Ripple dropped its cross-appeal.

First, a reduction in the $125 million fine was announced, which set the new fee at only $75 million. The agreement also asks for lifting the injunction set by Torres’ Final Judgment, which banned any institutional sale of XRP. However, the SEC’s course of action remains unclear, and amid uncertainty, XRP is declining in value. If today’s closed meeting does not present a result, XRP could even fall below $2.

However, based on the analysis of legal experts such as Fred Rispoli, this case will not reach a result soon. On 25 March, this attorney stated that the SEC might need 30 days to give an official answer. Additionally, the lifting of the injunction from the judge will also take 30 days. As such, based on his projection, we will get an answer around 60 days on the 24th of April. “At most, we are 60 days out from this being 100%, formally, legally, and spectacularly over.”

As highlighted in Chart 1, XRP did not have a good March as it mostly consolidated around $2.50. Now in April, as the threat of a global trade war becomes more real, the crypto market is falling again.

As the fears of a global recession and the decline of the labor market gain strength, the risk markets fall. XRP is no exception, with the coin seeing more than 13.9% decline in 7 days. As of writing this, the XRP token is trading at $2.05 while experiencing a 3.2% daily fall.

With all that said, the short-term price prediction for XRP mainly depends on today’s SEC decision. If we get bullish news that the SEC is officially dropping its appeal, XRP could overcome the macroeconomics. Even if XRP doesn’t surge, such a positive development can help stabilise XRP’s price. As such, keeping the coin’s value from dropping lower. However, if the SEC’s silence continues, we might even see a final blow to the market sentiment. This will push the value even lower, increasing the possibility of a crash below the $2 mark.