In a new report, CNBC noted that Donald Trump, the Republican nominee for president, has raised over $4 million in campaign donations from a mix of digital tokens, including Ripple’s XRP, Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
However, XRP’s reaction to the news has remained muted, as the altcoin’s value has declined in the past 24 hours.
Ripple Is Unmoved
At press time, XRP trades at $0.60. Its value has dropped by 1% in the past 24 hours, and its trading volume has dropped 14% during that period.
BeinCrypto earlier reported that Ripple met with the Securities and Exchange Commission (SEC) on July 25. However, as the market anticipates updates on the outcome of the meeting, sentiment has begun to turn negative.
At press time, XRP’s weighted sentiment is negative at -0.93. This metric tracks the overall mood of the market regarding an asset. When its value is below zero, it suggests that most social media discussions about the asset are fueled by negative emotions like fear, uncertainty, and doubt. This is often regarded as a precursor to a price decline.
Further, while the altcoin trends in an ascending channel on a 12-hour chart, its Price Daily Active Address (DAA) Divergence has turned negative. This suggests that the rally might not be backed by sufficient demand. At press time, the metric’s value is negative at -81.73%.
Read More: How To Buy XRP and Everything You Need To Know
This metric compares an asset’s price movements with the changes in its number of daily active addresses. Investors use it to track whether the price movements are supported by corresponding network activity.
This negative divergence suggests that XRP’s price moves significantly against its average daily trading activity.
A large negative divergence of -81.73% signals that the downtrend is gaining momentum. Even though the asset’s price may be rising, as depicted by its ascending channel, there is less buying pressure to sustain the rally.
XRP Price Prediction: A Lot Depends on the Outcome of the Meeting
XRP’s price may fall to $0.56 if sentiment remains negative and buying pressure continues to wane. If this level fails to hold, the altcoin might plummet to a 30-day low of $0.52.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
However, if the meeting between Ripple and the SEC results in a favorable resolution of the legal dispute between the parties, it might shift market sentiment from bearish to bullish.
This may push the token’s value to $0.66 toward the $0.7 price level.
Disclaimer
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