XRP (XRP) has recently experienced a significant drop in price, undoing the gains made in the past two weeks. This decline is linked to various factors, such as delays in the Ripple versus SEC legal battle and diminishing hopes for an interest rate cut in September. A crucial meeting between the SEC and Ripple was abruptly canceled, leaving the crypto community in suspense. The broader crypto market has also been affected by the decreasing likelihood of a rate cut. Recent data shows a decline in the probability of a rate cut in September, leading to a bearish trend in XRP's price. Additionally, Ripple's movement of over a billion XRP from escrow has raised concerns about market supply and potential price pressure. Traders are closely monitoring key support levels and Fibonacci retracement levels to gauge potential price movements. This article emphasizes the importance of conducting thorough research before making any investment decisions. Read more AI-generated news on: https://app.chaingpt.org/news

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