The rise in $XRP price slows down after the SEC roundtable meeting.

The XRP community witnessed a wave of cautious optimism earlier today as new developments from the SEC roundtable meeting seemed to signal a shift in the regulatory tone. Market attention quickly shifted to comments from SEC Chairman Paul Atkins, who is now seen as a potential turning point for the future of digital assets, including XRP. XRP is currently trading at $2.51, recording a 3.48% increase in the last 24 hours, although the price surge that pushed the token to a high of $2.65 earlier in the week has slowed down. This shift in momentum comes after the roundtable meeting of the SEC cryptocurrency task force on Monday, where the committee clarified its new tone regarding regulations on cryptocurrencies. In the meeting, Chairman Paul Atkins emphasized the need to abandon reactive policy-making based on enforcement. He revealed that the Commission had been too long in management silos, which made it difficult for the Commission to lead in market innovation. Atkins promises to create structured rules for digital assets, particularly affecting those assets classified as securities. He also reaffirmed that the current administration's focus is to make the United States the leading country in the cryptocurrency market. These statements have sparked much discussion in the cryptocurrency space, especially after resolving the years-long legal battle between Ripple and the SEC. The legal battle began in December 2020 and ended after Ripple agreed to settle with the US SEC for $50 million. This is a significant reduction from the initial fine of $125 million. Furthermore, Ripple and the SEC agreed to withdraw the appeal, ending the lawsuit once and for all and providing much-needed regulatory clarity for XRP holders. The price volatility of XRP reflects a market reassessment. Despite the initial positive reaction, the upward momentum of XRP has shown signs of cooling down. Data from CoinGlass indicates that $35 million in liquidations occurred in the past 24 hours, with $22.82 million coming from long positions. This indicates an increase in profit-taking and caution in the short term among traders. At a technical level, XRP is still trading above an important support level. The $2.23 area aligns with the 50, 100, and 200 EMA, which could serve as a strong buffer against further price declines. The relative strength index has dropped to 63.17, down from the overbought zone, indicating a decrease in momentum. If it falls to the neutral average line, it could imply that there may be a subsequent correction.

However, the MACD indicator still shows a bullish crossover. The green chart supports the view that buyers still have a say in this process, especially if the price maintains the level of $2.40. The important resistance level to consider is $2.80 and the psychological level is $3.00. The XRP price increase has shown signs of weakening after the SEC council meeting, as traders are considering the possibility of regulatory changes. Although the fundamental outlook seems more stable as the legal issues surrounding Ripple are being resolved, the short-term market reflects a more casual approach. Investors will monitor the clarity of the regulations as it continues to take shape.