23 April, 2024

Analyst Flags XRP’s Steadfast Stability Amidst Regulatory Shifts

21 Sep, 2023

29 Nov, 2023

  • XRP’s resilience, maintaining a price above $0.50, fosters optimism among investors amidst ongoing legal battles.
  • Brad Garlinghouse openly criticizes the SEC’s power-focused approach in crypto regulation.
  • Global crypto regulations may take until 2027, leaving room for SEC influence.

XRP, the cryptocurrency associated with Ripple, is currently witnessing a resurgence in its bullish trajectory, with its value firmly above the critical $0.50 mark. Amplifying enthusiasm, an intriguing tweet by EGRAG CRYPTO revolves around XRP’s prospects. In this tweet, EGRAG CRYPTO draws attention to an Ultimate RSI chart spanning an impressive 2100 days, suggesting that when this chart eventually reaches oversold territory, it could signal an opportune moment for action in the XRP market. 

In a recent discussion on X, John Deaton, a prominent attorney with a pro-XRP stance, shed light on the possibility of a settlement in the SEC vs. Ripple lawsuit. Deaton explained that the Securities and Exchange Commission (SEC) might consider settling with Ripple if the case’s outcome doesn’t have a significant impact on its litigation against other cryptocurrencies and firms.

The classification of XRP as a security or non-security directly affects the SEC’s lawsuit against Coinbase. This makes it less likely for the SEC to settle with Ripple and more likely to pursue an interlocutory appeal to challenge the recent ruling by Judge Analisa Torres.

Brad Garlinghouse, Ripple’s CEO, has been vocal about his discontent with the US financial regulator. During a recent appearance at the Mainnet 2023 event, Garlinghouse criticized the SEC and its Chair, Gary Gensler, stating that their focus was on power and politics rather than effective policy. This sentiment has resonated with the crypto community, which has rallied behind Ripple since its partial victory against the SEC.

The crypto industry’s regulatory landscape in the United States is still evolving, with the government working toward implementing the Crypto Asset Reporting Framework (CARF) in collaboration with other major economies. This framework aims to establish global crypto regulations but may not take effect until 2027, leaving room for Gensler and the SEC to fill the regulatory void.

Despite recent challenges, XRP’s price has remained stable and is currently trading at $0.519, with a positive outlook aiming for the $0.542 resistance level. This resilience suggests that XRP investors and enthusiasts remain optimistic about its future, regardless of the ongoing legal battles and regulatory uncertainties. XRP  currently has a price of $0.5051 with a 24-hour trading volume of $1M and a market cap of $26.8M. As the Ripple vs. SEC saga continues to unfold, the cryptocurrency market eagerly awaits further developments that could impact XRP’s long-term trajectory and the broader crypto industry’s regulatory landscape.


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