Fundamental Analysis: XRP Holders Protested Outside US Securities and Exchange Commission Headquarters
Ripple (XRP) has slumped from recent highs recorded in the third week of April, and the risk of further lows is likely not over. There has been a lot of negative news for the cryptocurrency market recently, and the concerns of traders are that it may take a long time for prices to see a recovery as the bull cycle may be over.
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The prices of most cryptocurrencies have fallen to their lowest levels in months, and if the price of Bitcoin falls below the $ 30,000 support level, it would add further pressure to the overall market for cryptocurrencies. Despite this, Ripple remains one of the cryptocurrencies with the greatest potential, and it’s important to mention that XRP holders protested outside the headquarters of the US Securities and Exchange Commission in Washington yesterday.
They demand that the regulator end its “war on this cryptocurrency” and investigate the alleged conflict of interest of former president Jay Clayton. The SEC reported that XRP is a security and therefore falls under legislation dating back to 1933, while also warning that Ripple and its executives have made several illegal sales of securities in recent years.
The SEC sued Ripple in December 2020, while in its defense, Team Ripple said XRP is a similar asset to both BTC and ETH. The regulator has asked Ripple to provide new documents that could prove that efforts are needed to change public perceptions of XRP’s regulatory status.
Ripple CEO Brad Garlinghouse said the SEC has created confusion among market players and the SEC v Ripple case continues to unfold. Several exchanges have suspended XRP trading activity, but Ripple’s trading operations do not appear to be too affected by the SEC charges.
Ripple continues to expand its business throughout Southeast Asia, and over 90% of XRP transactions take place outside of the United States. More than a third of the world’s 100 largest banks have tested or are already using this payment technology, and it’s important to mention that Ripple recently acquired a 40% stake in Asian money transfer company Tranglo.
“This partnership will see the two companies combine their deep local expertise to address the challenges associated with cross-border payments,” said Ripple CEO Brad Garlinghouse.
Technical Analysis: Ripple Can Easily Break Below $ 0.70 Support Level
Ripple (XRP) is currently trading around the $ 0.87 level, but it would be a strong sell signal if the price falls below the $ 0.70 support. The next price target could be around $ 0.60 or even $ 0.50; Still, if the price drops above $ 1.20, we have the way open to $ 1.40.
67% of retail CFDs lose money
The cryptocurrency market remains under pressure; Bitcoin fell below the $ 35,000 price level on Saturday, which also negatively influences the price of XRP. Ripple (XRP) can easily drop below the $ 0.70 level, and now is probably not the best time to buy this cryptocurrency.