• 18 June, 2024
Market News

Ripple’s XRP Navigates Regulatory Waves and Bearish Trends

Brad Garlinghouse, Ripple’s CEO, has raised concerns about the regulatory uncertainties faced by the industry in the United States. Garlinghouse contended that while crypto ventures through the judicial process seeking clarity, major global financial centers are actively solidifying regulatory frameworks.

Despite the crypto community’s strong inclination to comply with regulations, Garlinghouse pointed out a lack of recognition from SEC Chair Gensler regarding the industry’s readiness to adhere to rules. In an appearance on “Mornings with Maria,” Brad Garlinghouse delved into the implications of the newly introduced Bitcoin exchange-traded funds (ETFs) and discussed the potential future direction of crypto regulations.

Ali Charts, a renowned analyst, conducted a thorough technical analysis, revealing XRP’s ongoing challenge in sustaining stability at the crucial $0.55 support level. The analysis indicates a potential decline towards $0.34, portraying a complex scenario for the digital asset’s future trajectory.

Moreover, Ali Charts’ examination of the XRP/USDT pair on a daily scale reveals a discernible descending channel pattern, indicative of a sustained downtrend. The analysis underscores potential support or resistance levels marked by a dotted line, where the price is currently being tested. Traders are leveraging this data to make judicious decisions, considering the broader bearish channel’s impact on XRP’s trajectory.

With the investors and market players confronted with uncertainty regarding regulation in the U.S., as well as continuously monitoring underlying cryptocurrency performances, the need for a definitive regulatory framework can be discernible from afar only in retrospect. The industry calls for guidance that doesn’t only protect investors but also motivates innovation and responsible development in the fast-paced cryptocurrencies world.

As per the current market data, XRP is trading at $0.5508 with a decline of 2.51% in the last one day and a plunge of 8.23% within seven days. The 24-hour trading volume for XRP is $1,078,365,504.63.

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