- XRP price drops ~3% unexpectedly after positive Ripple SEC settlement news
- Community poll suggests market manipulation suspected over Ripple dumping
- XRP TA shows key test near $2.38 EMA resistance, $2.33 support critical
XRP registered a surprising 3% decline over the past 24 hours, trading around $2.37, despite a nearly 25% jump in trading volume.
This dip, which saw a low of $2.33, comes shortly after Ripple announced a settlement in its long-running case with the U.S. SEC—a development that left many investors puzzled by the negative price action. The price currently tests immediate resistance near the 20-day Exponential Moving Average (EMA) around $2.38.
Related: XRP’s Next Chapter? Analysts See “Price Discovery” Mode After SEC Settlement
Poll Suggests Market Manipulation, Not Ripple Dumping
The unexpected move prompted discussion within the crypto community, highlighted by a poll on X (formerly Twitter) conducted by user “Vincent Van Code.”
He observed the decline occurred just after Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the positive SEC settlement news.
Related: Ripple vs. SEC: How One Legal Battle Saved the Entire US Crypto Industry
Van Code speculated that market actors might be attempting to obscure any direct price influence from the legal outcome, potentially relating to arguments used in securities classifications like the Howey test.
The poll revealed nearly half (49.5%) of respondents suspect “other market manipulation” as the primary driver behind the drop. In contrast, only 12.5% attributed the decline to Ripple itself selling XRP. Smaller groups cited general XRP selling pressure (9.4%) or broader market declines (28.6%) as factors.
XRP advocate Bill Morgan pushed back against the Ripple dumping theory, commenting on the poll:
“Wow, 12% think XRP price is falling because Ripple is dumping. It seems that idiotic theory is still attracting followers.”
XRP Price Analysis: Key Levels to Watch
XRP’s current price action places it at a pivotal technical level, contending with the 20-day EMA resistance ($2.38) and hovering near the middle Bollinger Band (around $2.37).
A sustained break above the upper Bollinger Band ($2.56) could potentially open the door for a move towards the $3 mark. However, failure to hold support around the recent low ($2.33) might trigger a retest of the lower Bollinger Band near $2.09.
The Relative Strength Index (RSI) sits near 48.95, indicating neutral momentum currently. A decisive push above the 50 level could signal renewed buying interest, while a dip below 45 might suggest mounting selling pressure in the near term.
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