Tuesday’s price of XRP, the cryptocurrency used by US fintech company Ripple to run the XRP Ledger, is still declining. XRP has failed to gain traction and was last trading at just under $0.46, down approximately 1.5% on the day, roughly 6% off last week’s highs, and close to 15% since the beginning of April. This is in spite of social media rumours that Ripple and the SEC will meet in secret on Monday.

In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for allegedly releasing XRP tokens as an unregistered securities. The fintech business has vigorously refuted this accusation.

On Tuesday, observers predicted that if the rumoured meeting materialises, Ripple and the SEC might speak about a potential litigation settlement. But the market’s inaction suggests that the majority of traders believe the rumours of a meeting between Ripple and the SEC to be untrue.

But in a recent interview with CNBC, Ripple CEO Brad Garlinghouse stated that he believes the legal matter will be resolved in the first half of 2022, possibly within the next two months.

The lengthy legal battle between Ripple and the SEC appears to be coming to a close, but given the cryptocurrency’s negative near-term technical outlook, XRP is at risk of incurring more losses. Since the beginning of last month, XRP has been moving downward and is currently below both its 21- and 50-Day Moving Averages.

The possibility of a retest of the 200-Day Moving Average in the $0.41 range seems to be present. Additionally, the longer-term technical picture continues to be somewhat worrisome. The fact that XRP has not significantly broken north of the downtrend that connects the 2021 highs from earlier this year suggests that the XRP bear market may still be ongoing.

However, a retest of the $0.30 area lows from last year seems unlikely at this point given that other well-known cryptocurrencies like Bitcoin and Ethereum are still generally trending higher. Before soaring higher and officially declaring the beginning of a new bull market, the market might simply be waiting for clarity on the SEC/Ripple lawsuit.

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