25 February, 2024

Crypto Community Urges BinanceUS to Relist XRP in Response to SEC Lawsuit

9 months ago

17 Nov, 2023

In a show of solidarity, members of the cryptocurrency community have called upon BinanceUS, the US subsidiary of Binance, to relist XRP on its platform following the recent charges leveled against Binance by the US Securities and Exchange Commission (SEC).

Edward Farina, the Head of Social Adoption for XRPHealthcare and CEO at Alpha Lions Academy, spearheaded the campaign, urging BinanceUS to take a stand against the SEC’s allegations by reinstating XRP. Farina argued that relisting XRP would not only protect the crypto industry but also send a powerful message of defiance to the regulatory body.

The call for action gained traction as supporters of XRP echoed Farina’s sentiment, emphasizing the need for a collective response to safeguard the digital asset. Crypto Assets Guy, for instance, reached out to Coinbase, another major cryptocurrency exchange, questioning whether they would delist all the assets mentioned in the Binance lawsuit and suggesting that they should consider relisting XRP.

This push for XRP’s relisting comes in the wake of the SEC’s legal action against Binance and its CEO, Changpeng Zhao (CZ), which includes allegations of deception, conflicts of interest, lack of disclosure, and evasion of the law. BinanceUS had previously delisted XRP on January 13, 2021, shortly after the SEC filed a lawsuit against Ripple Labs, the company behind XRP. Coinbase and Kraken, among other US-based platforms, also suspended support for XRP following the lawsuit.

XRP is currently trading at $0.51421, representing a 1.23% increase from the previous day’s close. The cryptocurrency has been showing positive momentum recently, with a steady upward trend in its price. Over the past week, XRP has gained 3.88%, while over the past month, it has seen a significant increase of 12.55%.

Source: TradingView

Analyzing the technical indicators, the RSI (Relative Strength Index) stands at 59.95, indicating a neutral sentiment in the market. The RSI compares the magnitude of recent gains to recent losses and provides insight into the overbought or oversold conditions of an asset. Currently, the RSI suggests a balanced market for XRP.

In terms of support and resistance levels, the immediate support couldn be seen at around $0.50298, which was the low of the previous trading day. On the upside, the resistance level lies near $0.51646, the high of the day.

Considering the overall market conditions and the recent performance of XRP, the sentiment appears to be positive. However, as with any investment, it is essential to exercise caution and conduct further research before making any trading decisions. Monitoring key developments, news, and market trends can provide additional insights into the future price movement of XRP.