They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Ripple has announced that South Korea’s Yonsei University is the latest to become a partner in its University Blockchain Research Initiative (UBRI) program. This new collaboration with the popular South Korean academic institution brings Ripple’s global UBRI partnerships to 58, with 12 of them located in the Asia Pacific region.
Yonsei University will engage in a multi-year effort to drive research in blockchain technology, focusing on areas like artificial intelligence, finance, information systems, and management.
According to the official press release, the grant will finance the setup of an XRP Ledger (XRPL) validator at Yonsei University. XRPL validators are essential for reviewing transaction proposals from a designated set of trusted validators, referred to as the Unique Node List (UNL), which improves the security and decentralization of the network.
This project will not only advance blockchain research at Yonsei University but also provide practical learning experiences for students and faculty while furthering the “credibility and neutrality” of the XRPL by integrating another respected academic institution into the validator network.
Commenting on the latest development, Jun Kyung Auh, Associate Professor of Finance and Artificial intelligence at Yonsei University, said,
“We are excited to be the latest partner to receive a grant through Ripple’s UBRI program, allowing us to further explore cutting-edge research areas and foster a deeper understanding of blockchain’s impact on the finance and management industries. I’m confident that our students and faculty will benefit immensely from the opportunities to work on real-world challenges and contribute to the global blockchain ecosystem through this partnership.”
The goal of UBRI is to accelerate global digital asset adoption and enhance interoperability by offering strategic backing, technical tools, and financial grants.
Since its inception in 2018, Ripple said that the program has made a significant global impact, backed by over $60 million in funding from the blockchain company itself.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
On Wednesday, Judge Analisa Torres brought the first chapter of a major Securities and Exchange Commission crypto case to a close, imposing a $125 million penalty on the digital assets firm Ripple and forbidding the company from violating securities law in the future. The penalty fell fall short of the $2 billion the SEC had sought, causing XRP—the token closely tied to Ripple—to soar more than 20%.
The SEC v. Ripple case, which began in late 2020, has been viewed as a bellwether for how courts will rule on a broader anti-crypto enforcement campaign by the agency—a campaign the industry claims exceeds the SEC’s legal authority. In response to Wednesday’s ruling, Ripple executives and other crypto watchers framed the decision as a victory for crypto firms. In the bigger picture, though, an almost certain SEC appeal—alongside the vague language of the ruling—means that long-awaited regulatory clarity is still a distant dream.
“The immediate decision by Judge Torres on balance is very positive for Ripple,” said Joe Castelluccio, a partner at Mayer Brown and the co-leader of the law firm’s fintech and blockchain practice groups, adding that the decision should still “give the industry and the market a bit of pause.”
The XRP army
Since its founding in 2012, Ripple has carved out a prominent position in the crypto sector through its promise of building a global payments network and its proprietary token, XRP, which has gained a fiercely loyal follower base and an enviable $35 billion market cap. Along with the financial success, Ripple has faced a series of legal challenges, including the 2020 lawsuit filed by the SEC under then-chair Jay Clayton.
Clayton’s successor Gary Gensler inherited the case, which quickly became the agency’s flagship litigation as it pursued a bruising enforcement campaign against the volatile industry. The SEC argued that the company had violated the law by raising over $1.3 billion through an unregistered digital asset securities offering.
After a high-profile court battle, which included the unveiling of internal SEC emails detailing the inner workings of its approach to crypto, Torres issued a surprising decision in July 2023. She found that Ripple’s sales of XRP directly to institutional investors such as hedge funds violated securities laws, but secondary sales of the token on platforms such as exchanges did not. Ripple—and most of the industry—hailed the ruling as a victory, even as the SEC filed to immediately appeal the decision pending a final judgment.
In the time between Torres’s initial decision and her ruling on Wednesday about damages, several other federal judges—including two in Torres’s own district court—have weighed in with crypto-related rulings of their own. These decisions have come to separate and sometimes contradictory conclusions than what Torres found—meaning the legal status of digital token sales has become a ripe legal question for appeals courts, and potentially for the Supreme Court.
A penalty and an injunction
While it is common for government attorneys to ask for greater penalties than are ultimately enforced, Torres’s final figure of $125 million is much closer to Ripple’s ask than what the SEC requested.
“Anyone is going to spin things their own way, but it’s hard not to see it as a win for Ripple,” said a former SEC attorney now working in crypto law, who spoke with Fortune on the condition of anonymity because of their continued work with the agency. They pointed specifically to the fact that the judge denied the SEC’s request for disgorgements from Ripple, meaning the company would not have to pay back any profits it had earned from illegal behavior.
Despite the financial win, Torres also imposed an injunction against Ripple, ordering the company to refrain from further violations of securities laws. In her decision, she points to Ripple’s “willingness to push the boundaries” of the law after the SEC filed its initial lawsuit, arguing that there is a likelihood the company “will eventually (if it has not already) cross the line.”
Because Torres declined to specifically name whether—and how—Ripple had continued to violate securities laws, the question of when digital token sales constitute securities offerings will remain open. “That points to continued guardrails around conduct in the market, and also the fact that this remains an unsettled area of the law,” said Castelluccio.
Even if Torres had been more firm in her language, it would be unlikely to impact the behavior of other companies, given the ongoing litigation by the SEC against crypto firms like Coinbase and Binance. Moreover, because other federal judges have sharply deviated from Torres’s decision—with two in the Southern District of New York finding that secondary sales could also violate securities laws—the disagreements will not be settled until the cases wind their way up to the appellate level.
Given that the SEC already tried—and failed—to file an appeal in the Ripple case before Torres’s final decision, the agency will likely again appeal the ruling, including the matter of secondary sales and the penalty. Even with the market responding positively to the decision—including XRP rallying 20% in price—Castelluccio cautioned that Torres’s decision from last July, and yesterday’s, will not have the impact of “changing the game or changing the market.”
“Those are all significant overstatements,” he added.
A final wildcard in the legal tussle over XRP and other cryptocurrencies is the slow nature of the appeals process, meaning that any higher court ruling in the Ripple case is highly unlikely before 2025 while any Supreme Court ruling would almost certainly have to wait till 2026 or later. In the meantime, the growing interest in crypto on the part of lawmakers means it is possible Congress passes new rules to govern the sector—potentially resolving the legal issues in the cases involving Ripple and Coinbase before the courts do.
Recommended Newsletter:
CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about–and from inside–the C-suite. Subscribe Now.
Ripple was named one of the top 250 fintech companies for 2024 in the “digital assets” category by CNBC and Statista.
The company has received multiple awards, including the PAY360 Award and recognition as a top workplace by Fortune Magazine.
Ripple’s Latest Recognition
The American business news channel – CNBC – and the global industry statistics database – Statista – conducted a mutual study to find out the top 250 fintech companies for 2024. One of the awarded firms in the “digital assets” section is Ripple.It is one of the three entities placed on that list last year, with Coinbase and OpenSea being the others.
CNBC and Statista explained that the “digital assets” category comprises firms that make it “easier to access and use” cryptocurrencies and blockchain-based applications. They also noted the industry’s success in 2024, reminding that Bitcoin (BTC) hit an all-time high price of over $70,000 in March.
The entities revealed that 116 of the top 250 fintech companies are located in the United States (including Ripple, which is headquartered in San Francisco). The United Kingdom follows next with 30 firms, while India is home to 11 entities on the list.
The Previous Awards
This is not the first time Ripple has found a place in such a category. In October last year, it won the payment prize in the UK – the PAY360 Awards. The company topped the ranking for being the leader in digital currencies/assets in financial services.
One of the people acknowledging the achievement was Sendi Young – Managing Director of Ripple’s European operations. “Such an honour to win in this UK’s most prestigious payments awards,” she said at the time.
Prior to that, Fortune Magazine placed Ripple in the 13th position (out of 50) as “the best workplace in technology” for 2023. According to the business magazine, 94% of the firm’s employees consider it “a great place to work.” 98% of the staff said they were warmly welcomed upon starting their journey at the company, while 96% were supportive of the management team.
Last but not least, People Magazine included Ripple in its list of “top 100 companies who care for employees and society.” Other well-known corporations that were part of that club were American Express, NVIDIA, Deloitte, MasterCard, and more.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
XRP price climbed higher and tested the $0.4840 resistance zone. The price corrected gains but the bulls are able to protect the $0.4750 support.
XRP price is eyeing an upside break above the $0.4840 resistance zone.
The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above the $0.4840 resistance.
XRP Price Corrects Gains
XRP price started a decent upward move above the $0.4740 resistance like Bitcoin and Ethereum. The bulls were able to push the price above $0.480. However, the bears were active near the $0.4840 resistance zone.
A high was formed at $0.4839 and the price recently started a downside correction. There was a move below the $0.4800 and $0.4780 levels. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high.
It is now trading above $0.4740 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near the $0.480 level. The first major resistance is near the $0.4840 level. The next key resistance could be $0.4880. A clear move above the $0.4880 resistance might send the price toward the $0.5050 resistance.
The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could send the price higher toward $0.5250. Any more gains might send the price toward the $0.5320 resistance.
More Losses?
If XRP fails to clear the $0.4840 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4765 level and the trend line.
The next major support is at $0.4740, the 61.8% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high, and the 100-hourly Simple Moving Average. If there is a downside break and a close below the $0.4740 level, the price might continue to decline toward the $0.4640 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.
A crypto pundit has declared that missing out on XRP, the native token of the XRP Ledger (XRPL) could potentially become the biggest mistake an individual can make. The analyst has expressed bullish sentiment on its dominance and future outlook following its possible integration into financial banking systems.
Related Reading
Here’s Why Investors Should Not Miss Out On XRP
In a June 27 X (formerly Twitter) post, crypto analyst and avid XRP supporter, King Karan boldly demonstrated his confidence in the crypto’s long-term price prospects. According to Karan, missing out on XRP’s integration into the financial banking system could become one of the most profound mistakes for investors.
The analyst has implied that its complete integration into the financial banking system could lead to substantial gains, potentially pushing the cryptocurrency’s price to new all-time highs. He has expressed complete confidence in XRP’s bullish prospects, asserting he would be satisfied with his investment timeline whether a price surge occurs tomorrow or in the next two years.
Karan’s bullish sentiment for XRP likely stems from Ripple’s plans to expand its digital asset operations to various trillion-dollar markets and the altcoin’s goal to replace the SWIFT network, a vast messaging network used by global banks and financial institutions. This potential integration could significantly expose XRP to new markets, fueling widespread adoption and potentially triggering a price surge for the cryptocurrency.
Earlier this year, reports disclosed a major achievement for the Ripple ecosystem, underscoring the potential for the coin to become adopted for international payments. Additionally, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty also predicted last year that XRP could once again be utilized for cross-border payments in the United States (US).
Kang’s deep-rooted belief in the digital asset’s eventual success in the market is heavily dependent on the cryptocurrency becoming adopted by financial institutions. Currently, XRP provides a more affordable and incredibly fast cross-border payment method than leading cryptocurrencies like Bitcoin. With XRP, cross-border transactions are completed in just three to five seconds, making it one of the fastest methods for international money transfers.
Kang has further disclosed that he will continue being bullish on XRP. He revealed his investments in a diverse array of altcoins, emphasizing his strategy of diversification to secure profits despite XRP’s current underperformance.
XRP is currently trading at $0.47. Chart: TradingView
Other Key Developments That Could Prove Bullish For XRP
Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse and President, Monica Long have also shared their support for an XRP ETF. Garlinghouse believes that the launch of an Ethereum Spot ETF would eventually open doors for the introduction of other crypto ETFs, highlighting that an XRP ETF was inevitable.
On the other hand, Long noted that introducing an ETF would be a highly sensible decision.
Related Reading
Despite the optimistic remarks, XRP continues to trade sideways, experiencing a 2.28% decline over the past week and dropping to $0.47, according to CoinMarketCap.
Featured image from PlasBit, chart from TradingView
A US federal court judge has allowed a civil securities lawsuit against Ripple Labs to proceed.
This decision came after Judge Phyllis Hamilton of the California District Court denied Ripple’s request for summary judgment in a case involving allegations that its CEO, Brad Garlinghouse, violated California securities laws.
“Misleading Statements” on XRP
The allegations focus on claims that the exec made “misleading statements” about XRP’s status during a televised interview while at the same time expressing skepticism about the utility of other digital assets.
The official court document said that this statement was shared on Ripple’s official Twitter account, which amplified its reach.
The plaintiff argued that Garlinghouse’s statement was misleading and claimed that the exec had been selling millions of XRP throughout 2017 on various cryptocurrency exchanges despite publicly announcing that he remains “very, very, very long XRP” and his intention to “hodl” the asset.
“I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet. . . . . [I am] not long on some of the other [digital] assets, because it is not clear to me what’s the real utility, what problem are they really solving . . . if you’re solving a real problem if it’s a scaled problem, then I think you have a huge opportunity to continue to grow that. We have been really fortunate obviously, I remain very, very, very long XRP, there is an expression in the industry HODL, instead of hold, it’s HODL . . . I’m on the HODL side.”
Court Ruling Challenges XRP’s Status for Non-Institutional Investors
Judge Hamilton’s ruling addressed Ripple’s argument that the “misleading statement” allegation should be dismissed since XRP does not meet the criteria of security under the Howey test. The blockchain firm had cited Judge Analisa Torres’ decision from July 2023 in its lawsuit involving the Securities and Exchange Commission.
However, Hamilton took a different stance in her recent order and instead determined that XRP could potentially be classified as a security when sold to individual investors, as opposed to institutional ones.
As noted in the filing, she reasoned that these non-institutional investors would have anticipated profits resulting from Ripple’s efforts, which is one of the important factors considered in the Howey test for determining whether an asset qualifies as a security.
“Overall, given the relative novelty of cryptocurrency, and given the lack of any controlling law regarding the motivation of a reasonable cryptocurrency investor, the court declines to find as a matter of law that a reasonable investor would have derived any expectation of profit from general cryptocurrency market trends, as opposed to Ripple’s efforts to facilitate XRP’s use in cross-border payments, among other things
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Ripple has again raised concerns in the XRP community following its recent XRP sale. This comes amid XRP’s unimpressive price action, which continues to paint a bearish outlook for the crypto token.
Ripple Sells 150 Million Tokens
On-chain data shows that the crypto firm offloaded 150 million XRP tokens ($78 million) on June 7. These tokens formed part of the 1 billion XRP tokens, which were recently unlocked as part of its monthly escrow unlock, which is set to continue until 2027. As expected, this sale has raised concerns, considering the impact many believe it could have on the market.
Related Reading
Moreover, this sale follows Ripple’s recent unusual transactions, when the crypto firm moved 3 billion XRP tokens ($1.5 billion) across different wallets in the space of 30 minutes. However, crypto analyst Michael Nardolillo explained that those transactions were mainly internal movements and escrow re-lockups.
This recent sale of $150 million XRP tokens will again raise the theory of price suppression by Ripple. While it has been revealed that the crypto firm’s XRP sales have no impact on prices on crypto exchanges, it undoubtedly adds to the bearish sentiment that crypto investors already have towards the token.
Furthermore, Ripple’s XRP sales lead to a positive supply shock, with more XRP tokens being injected into circulation. Such development tends to have a negative impact on a crypto’s price and could lead to significant price declines.
It is also worth mentioning that this sale comes at a time when the market sentiment towards XRP is as bearish as it can be. This is partly thanks to the fact that the crypto token remains one of the worst-performing crypto assets since the year began, with a year-to-date (YTD) loss of over 18%.
XRP Will Still Be Great
Despite XRP’s unimpressive price action, crypto analysts have continued to predict the crypto token will still have its moment when it will experience that price breakout and make a parabolic move to the upside. Crypto analyst Javon Marks recently mentioned that the XRP is about to make a name if it hadn’t already done so.
Related Reading
He made this statement while revealing that a Hidden Bullish Divergence setup had formed on the altcoin’s chart. He claimed that XRP’s price went up by over 63,000% in less than a year the last time this happened. He suggested that such a move could be on the horizon again with XRP at its breaking point. Meanwhile, Crypto analyst CryptoBull also recently predicted that the cryptocurrency could enjoy a 28,900% rally and rise to $154.
At the time of writing, XRP is trading at around $0.49, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians.
Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple Advancing Pro-Crypto Agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of attempting to regulate the cryptocurrency industry through enforcement has proven ineffective.
While Congress is presently progressing with comprehensive legislation for the sector to ensure a bright future for American innovation, competitiveness, and expansion, the United States lags behind other nations that have embraced the asset class and its underlying technology.
Ripple highlighted the critical importance of the 2024 elections for the industry, emphasizing the choice between candidates supporting or hindering technological innovation. It also highlighted the need for leaders who understand and promote policies fostering innovation, consumer protection, and market fairness.
While speaking about the contributing Ripple CEO Brad Garlinghouse said,
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.”
The exec also added that the company as well as the rest of the industry should refuse to remain silent in the face of unelected regulators’ attempts to stifle progress and economic advancement, which millions of Americans benefit from.
The development comes almost six months after Ripple gave $20 million to Fairshake, which has already used $11.3 million for federal elections. This increase in contributions marks a significant rise in the company’s political activity. According to FEC records, the San Francisco-based company had only donated $500,000 during the 2022 election cycle.
Ripple’s contributions make up nearly half of the $100 million-plus raised by Fairshake from major figures in the cryptocurrency sector, including industry giants like Coinbase and Gemini exchanges, venture capital leader Andreessen Horowitz, and asset management powerhouse ARK Invest.
Ripple-SEC: Legal Showdown
Ripple has been engaged in a prolonged legal dispute with the US Securities and Exchange Commission (SEC) for several years, following accusations by the regulatory watchdog that the company unlawfully raised $1.3 billion through the sale of XRP, which it deemed an unregistered security.
The SEC recently filed a remedies brief contesting Ripple’s stance on penalties in their ongoing legal dispute. It essentially seeks fines against Ripple despite Judge Torres’ ruling that XRP is not a security in programmatic sales. The blockchain company, on the other hand, argued that fines should not surpass $10 million, citing a lack of fraudulent intent. Both parties await a final ruling.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Crypto analyst Egrag Crypto has provided another bullish narrative for the XRP price. This time, he outlined two scenarios that could occur and cause the crypto token to experience a breakout, potentially sending it as high as $7.5. This comes with the recent revelation that XRP’s Relative Strength Index (RSI) has reached its lowest ever.
Time For An XRP Price Breakout
Egrag Crypto shared a chart in an X (formerly Twitter) post that showed that the crypto token could rise to $7.5 when it accomplishes the breakout, which the crypto analyst claimed is imminent. Egrag highlighted a “White Triangle” breakout on the chart, which he stated is “aligning perfectly” with the previous charts and the Fib 0.702 to 0.786 levels.
Source: X
He added that the measured move is projected to be between $1.2 and $1.5 before XRP could take off and climb to $7.5. Egrag further remarked that the “critical breakout point” for XRP is around $0.70 and $0.7’5 and that the crypto token is “poised” to achieve this breakout in the “next couple of weeks.
Egrag warned that XRP could still experience significant declines before then, stating that a retest of the breakout might be on the cards. However, he is convinced that a “MEGA RUN for XRP is on the horizon.”
Meanwhile, for the second scenario of how XRP could achieve its impending breakout, Egrag Crypto highlighted an ‘Atlas Line’ on the XRP chart and claimed that the breakout point for XRP is at $0.6799. He noted that XRP is still holding strong “like a boss” on the atlas line, suggesting it shouldn’t be long before it breaks above $0.6799.
In the meantime, $0.5777 and $0.5000 are key price levels that XRP holders should monitor. Egrag labels them resistance and support levels for XRP’s upward trend along this atlas line.
Source: X
XRP Hits Its Lowest RSI In History
Egrag revealed in a more recent X post that XRP’s RSI is at its lowest ever. He noted that this assertion was based on the monthly time frame and shared a chart to prove his claim. Following his revelation, Egrag highlighted how bullish this was for XRP, stating, “If this isn’t a positive signal, I don’t know what is.”
Source: X
The chart he shared showed that XRP’s Relative Strength Index is at 38, which is indeed bullish for the crypto token. Low RSI levels are considered a buy signal since they suggest that the coin is oversold and undervalued. Therefore, crypto investors might be looking to accumulate XRP, with these buy orders expected to trigger a move to the upside for the crypto token.
At the time of writing, XRP is trading at around $0.52, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
The once-booming cryptocurrency XRP, championed by Ripple Labs, finds itself precariously perched on a stormy sea of uncertainty. Recent weeks have been a tempestuous voyage for the digital asset, rocked by a confluence of challenges: regulatory scrutiny, dwindling investor confidence, and now, the ominous exodus of major whales.
XRP Whale Exodus Sparks Fear
These “whales,” the deep-pocketed investors holding vast quantities of XRP, have begun executing sizable sell orders, sending tremors through the market. On-chain data reveals a colossal transfer exceeding 24 million units, valued at slightly over $12 million, departing from the Bitvavo exchange and vanishing into an anonymous wallet.
Such sizeable movements are often interpreted as a bearish signal, signifying a potential lack of faith among these influential investors and casting a dark cloud over XRP’s immediate future.
Source: Whale Alert/X
XRP Price Takes A Tumble
The negative undercurrents permeating the market have manifested in a precipitous decline of XRP’s price. At the time of writing, XRP is trading at a meager $0.51, representing a staggering 16% devaluation over the past month alone.
This price plunge underscores XRP’s struggle to regain its footing amidst a broader market correction that has gripped the cryptocurrency space since May 2023.
Institutional Investors Lose Their Appetite For XRP
Adding fuel to the fire of anxiety is a noticeable decline in institutional interest. Insights gleaned from Santiment’s data point towards a palpable disinterest among entities holding significant XRP reserves.
XRP market cap currently at $27.7 billion. Chart: TradingView.com
Investors with holdings ranging from 100,000 to 100 XRP, typically categorized as high-net-worth individuals or institutional players, are exhibiting signs of skepticism. This trend further diminishes XRP’s allure in the market, amplifying the prevailing bearish sentiment.
On-Chain Metrics Signal Trouble On The Horizon
Looking deeper into the murky waters of XRP’s on-chain metrics reveals a disturbing trend – a decline in both network growth and transaction velocity. The acquisition of new users on the XRP network appears to be stagnating, coupled with a decrease in the frequency of transactions.
This suggests a potential loss of interest among investors and a reluctance to trade XRP. However, a solitary beacon of hope shines through the gloom – a surge in long-term holders. This uptick indicates that some investors remain confident in XRP’s long-term prospects, choosing to hold onto their assets despite the current turbulence.
Development Activity Dwindles, Raising Concerns About Innovation
The realm of development also paints a concerning picture for XRP. Indicators such as code commits and the number of active developers working on XRP-related projects have displayed a downward trajectory.
This dearth of development activity raises concerns about a potential lack of innovation or progress within the XRP ecosystem. A stagnant ecosystem can further erode investor confidence and exacerbate the bearish sentiment surrounding the cryptocurrency.
Featured image from Corporate Finance Institute, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The bullish predictions for the XRP price are back, even with the bulls struggling to push the crypto on a price surge. EGRAG, a cryptocurrency expert, has made one of these positive forecasts, which is that there will be a price spike of tremendous magnitude. According to the analyst’s recent post on social media, XRP could reach the $4 price level over the long term.
XRP has experienced a small decline in value over the past few days as the entire crypto market consolidates in price action. XRP’s price movement this year has largely left many of its fervent enthusiasts feeling disappointed, particularly considering the fact that it is yet to reach the $1 mark as predicted by many analysts.
Data from Coinmarketcap shows XRP now finds itself bouncing around at the $0.51 price mark after retesting the $0.435 on April 13. However, according to EGRAG, this is poised to change soon.
EGRAG, known for this very bullish stance on XRP, recently noted in his analysis that the current XRP price movement mimics the 2021 move which saw it breaking as high as $1.8. According to his analysis, EGRAG divided the price outlook into two sections blue and yellow, each depicting mirror images of 2021 price movement.
🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.
🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
The blue section is more of a narrow price trajectory which suggests that XRP could reach $1.4 by June or July, with a price range between $1.2 to $1.8. Meanwhile, the yellow section is a more bullish price trajectory. According to the analyst, XRP could reach the $4 price level by June or July if it follows the yellow section of 2021’s movement. Interestingly, a surge to the $4 price level would put the price of XRP at a new all-time high.
What’s Next For XRP?
EGRAG is one of the many crypto analysts who are still bullish on XRP’s price trajectory. His long-term price projection for XRP is $27, which he believes is still viable. At the time of writing, XRP is trading at $0.5148, down by 16.8% in the past 30 days.
This means in order to reach $4 in July, the bulls will have to push the crypto on a 677% increase in less than three months. Although the volatile nature of cryptocurrencies suggests this price run is possible, current market dynamics point to modest XRP price gains at best.
On the other hand, on-chain metrics have revealed that a bullish sentiment might be returning to XRP. Notably, the amount of XRP wallets holding at least 1 million coins has been surging recently, which could be a signal of a coming price surge.
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
After hitting a record high of around $73,800, Bitcoin (BTC) experienced a sharp correction to nearly $60,000. Despite the downturn, the upcoming halving on April 19 might trigger a bull run.
Ripple is gearing up for a trial against the US SEC set for April 23. This legal battle continues to capture attention, with significant updates expected soon.
Despite a recent 22% drop in its market value, Shiba Inu (SHIB) shows signs of potential recovery. Factors such as an increased burn rate and advancements in its layer-2 solution – Shibarium – may trigger a future rally.
BTC’s Stubborn Correction
The primary cryptocurrency stole the show in March, with its price rising to a new all-time high of approximately $73,800 and trading above the $70K mark for a while. However, the start of this month offered a severe correction, which intensified in the last few days.
As CryptoPotatoreported, the asset’s value plunged to nearly $60,000 on April 17, triggering over $200 million in liquidations.
Some factors that might stand behind BTC’s downfall lately could be reports hinting that the US Fed may raise interest rates in the world’s largest economy instead of pivoting from its aggressive anti-inflationary policy. The escalating tension between Israel and Iran and fears of another war might also have contributed to the decline, which affected traditional finance, too.
Still, numerous optimistic elements are signaling that Bitcoin’s retreat may soon be replaced by a bull run, with the upcoming halving being the most obvious one. Following the event, scheduled for April 19, rewards distributed to miners for validating blocks on the BTC blockchain will be slashed in half.
This decreases the amount of coins entering the market, making them scarcer and potentially more valuable in time (assuming demand increases or stays the same).
Historically, each halving in the past was a precursor for a significant resurgence of the entire cryptocurrency sector. Those curious to learn more about the event and prepare for it, feel free to take a look at our dedicated video below:
Ripple vs. SEC
Perhaps the most important news circulating around Ripple lately are the updates related to the lawsuit against the United States Securities and Exchange Commission (SEC).
Earlier this week, several X users assumed a settlement between the entities might be just around the corner due to a final pretrial conference held before Judge Netburn on April 16.
Nonetheless, Stuart Alderoty – Chief Legal Officer of Ripple – said Ripple and the SEC await the start of the trial (set for April 23), rejecting the option of a mutual agreement before that date. He also clarified that the firm will file its response to the regulator’s request for penalties by April 22, whereas the Commission’s reply should come by May 6.
Is SHIB Poised for a Rally?
Shiba Inu – the second-largest meme coin by market capitalization – is among the worst-affected cryptocurrencies during the ongoing crash, with its price dropping by 22% on a weekly scale.
Essential indicators, though, hint it may return to green territory soon. Such factors include the asset’s burn rate increase, the advancement of the layer-2 scaling solution Shibarium, and the negative SHIB exchange netflow.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Ripple’s XRP dropped by 20% following a market downturn, yet some analysts see this as a buying opportunity.
Several other optimistic predictions indicate a bullish outlook for the asset, with potential significant appreciation in its value expected soon.
‘XRP Dips For Buying, Not For Crying’
The cryptocurrency sector experienced a substantial correction on April 14, with its global market capitalization plunging to approximately $2.4 trillion. CryptoPotato reported that the adverse trend resulted in multi-million liquidations, mainly affecting long traders.
Ripple’s XRP is among the notable losers in the past week, nosediving by 20% to around $0.48 (per CoinGecko’s data).
Source: CoinGecko
However, some analysts remain unfazed, viewing this as a buy-the-dip opportunity. One example is the X user EGRAG CRYPTO, who claimed that “XRP dips for buying, not for crying.”
Several hours before the market decline took place, the analyst argued that Ripple’s native token “finds itself in a unique position, caught between bullish sentiment and bearish pressure.” EGRAG CRYPTO believes the asset has been in a consolidation phase since August 2023, describing it as “a healthy formation.”
“Stay steady, XRP is poised to ignite like a rocket,” the analyst concluded.
The Previous Forecasts
EGRAG CRYPTO chipped in again earlier this week, suggesting that XRP’s price trajectory has formed a so-called “three camel humps.” In their view, breaking above the major resistance zone of $0.75 may lead to a “bullish momentum” and an eventual rise to the range of $1-$1.30.
Dark Defender was optimistic, too, maintaining that XRP reached a “bouncing point” and forecasting that it “will definitely appreciate against BTC very soon.”
The most bullish predictions came from the X user Mikybull Crypto and the YouTube content creator, using the handle D.I.Y Investing. The former argued that XRP is gearing up for a rally toward $4, while the latter thinks the token’s price is ready to skyrocket to a new all-time high.
Those willing to explore some essential signs hinting that the asset is on the verge of an explosive rally this year, feel free to check our dedicated video below:
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
The decentralized finance ecosystem in XRP, managed by its decentralized network XRP Ledger (XRPL), has progressed after adopting the automated market maker(AMM) functionality.
Per a post on X (formerly Twitter) by XRPScan, the first AMM liquidity pools were created just a few minutes after the AMM features went live. Some pools now hold hundreds of millions of tokens, supporting pairs such as XRP/USD and XRP/BTC.
Automated Market Makers (AMMs) rely on mathematical algorithms to quote cryptocurrency prices and facilitate trades for users through liquidity pols. This approach enables anyone to participate as a liquidity provider to receive trading rewards, and users get instant liquidity through the pools above.
Bringing DeFi Enhancements to XRPL
Ripple Labs announced that the XRP Ledger intended to add an AMM engine into its network. After a year of extensive research and development, the feature is finally live.
Adding the AMM engine to XRPL facilitates token swapping and liquidity sourcing, making it more accessible to users and benefiting decentralized applications (dApps), especially decentralized exchanges (DEX).
Moreover, the feature is poised to facilitate the creation of bridges, fostering innovation within the XRP ecosystem and enabling seamless interaction with other blockchain networks.
This means that as more decentralized applications come to XRPL, XRP could see a boost in price as more users trade the token or pay transaction fees. Moreover, more protocols would begin using the token to reward network validators for their tasks.
Meanwhile, XRP’s price has decreased by 3% on the weekly scale, settling at $0.61, as per data from CoinMarketCap. It could be said that this is a result of the overall market downturn, with Bitcoin (BTC) and Ethereum (ETH) falling off to $64K and $3.3K, a weekly decrease of 7% and 10% drop, respectively.However, analysts foresee a new bull run for XRP in the near future, with XRP hitting multi-year highs.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Ripple has moved a significant volume of XRP into escrow, following the purported release of 1 billion XRP from escrow just the day before.
The move has drawn widespread interest as the value of XRP rose to over $0.62. This development comes amidst a flurry of activities in the cryptocurrency market, marking a notable event in Ripple’s strategy regarding its cryptocurrency holdings.
Blockchain tracking service Whale Alert reported that Ripple executed three separate transactions, effectively placing 800 million XRP into escrow. These transactions included the transfer of 200 million coins valued at approximately $118.94 million, 100 million coins worth around $59.48 million, and a further 500 million coins, equating to about $297.65 million. This strategic move by Ripple is interpreted as an effort to manage and regulate the supply of XRP within the market.
The locking of such a vast amount of XRP has coincided with a noticeable increase in the cryptocurrency’s price, which surpassed the $0.62 mark following the escrow activity. Market analysts and enthusiasts are keenly observing these developments, as the actions taken by Ripple are seen as a method to influence the market dynamics and supply of XRP.
Bill Morgan, a legal professional with a positive stance on XRP, shared his observations on social media platform X. He noted a shift in the community’s sentiment regarding Ripple’s escrow activities. Previously viewed with skepticism by some XRP holders, the current narrative suggests a more optimistic outlook on the potential impacts of these actions on XRP’s status and value in the global market.
At the time of this report, XRP has experienced a 6.62% increase in its price over the last 24 hours, trading at $0.6342. This rise in value is attributed to Ripple’s substantial escrow transaction, which has effectively reduced the available supply of XRP, thereby influencing its market price.
Additionally, data from derivatives markets analyzed by Coinglass indicates a significant influx of new investment into the market, as evidenced by a 11.64% increase in open interest.
This suggests that the recent activities surrounding XRP and Ripple have not only affected the cryptocurrency’s price but also attracted new capital to the sector.
Despite this, some indicators point towards a potential consolidation phase soon following the recent price surge.
Ripple and its cryptocurrency, XRP, have been hot topics in the financial world. While the recent crypto rally has seen significant gains for giants like Bitcoin and Ethereum, XRP has taken a more modest path.
Knowing the dynamics of Ripple and deciding whether to invest in XRP tokens requires a thoughtful approach. Here’s what you need to know.
Key Highlights
XRP’s growth has been modest compared to Bitcoin and Ethereum, with unique factors like its legal battle with the SEC influencing its market position.
Ripple’s ODL system showcases XRP’s utility in facilitating fast, low-cost international transactions, distinguishing it from other cryptocurrencies.
Investors should consider Ripple’s legal situation, its business model, and the broader market before investing in XRP tokens.
Despite the challenges, XRP presents a potential investment opportunity for those with patience and a long-term perspective, given its role in the future of finance.
What is XRP and How is it Different?
XRP, often associated with Ripple, is a digital currency designed for fast and inexpensive cross-border transactions. Unlike Bitcoin and Ethereum, which have seen their values skyrocket, XRP’s growth has been more subdued, with just a 12% increase recently, compared to Bitcoin’s 57% and Ethereum’s 52%.
Currently, XRP hovers just below $0.60 per coin, aligning with its average price over the last six to twelve months. For up-to-date insights and developments on Ripple and its XRP tokens, Coinspeaker offers a wealth of information that can help investors stay informed.
Why Hasn’t XRP Joined the Crypto Rally?
Several factors contribute to XRP’s unique position in the crypto market:
Ripple’s On-Demand Liquidity (ODL): Ripple’s ODL solution revolutionizes how financial institutions handle transactions, offering near-instant access to funds at low costs. This system positions XRP as a bridge currency, enhancing its utility in real-world applications.
Independent Blockchain: XRP operates on a distinct blockchain ledger, employing a Nominated Proof of Stake mechanism. This independence means XRP’s value isn’t directly tied to the fluctuations of Bitcoin or Ethereum.
Legal Challenges: Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over selling XRP as an unregistered security has cast a shadow over its value and utility.
Key Factors to Consider Before Investing
Before diving into XRP, investors should weigh several critical considerations:
Ripple’s Legal Situation
Ripple Labs faces significant legal hurdles with the SEC, impacting XRP’s potential growth and Ripple’s forthcoming IPO. These legal issues are pivotal, as they influence Ripple’s ability to operate and expand. Investors should stay informed about the legal proceedings and their implications for Ripple and XRP.
Ripple’s Business and Growth Potential
Understanding Ripple Labs’ business model, the utility of XRP, and the company’s growth prospects is essential. Ripple’s technology aims to transform global transactions, but its success depends on adoption rates among financial institutions and the resolution of its legal challenges.
Investment Alternatives
Given Ripple Labs is not publicly traded, those looking to invest in the blockchain space might consider alternatives like Coinbase, Block, or PayPal. These options offer exposure to the broader crypto market without direct investment in XRP.
Is XRP a Good Investment?
The debate around XRP’s viability as an investment often centers on its potential as a store of value versus its utility in payments. Despite its modest price growth compared to other cryptocurrencies, XRP’s high transaction volumes and role in facilitating cross-border payments present a compelling case for its inclusion in a diversified investment portfolio.
However, potential investors should approach with caution, given the uncertain outcome of Ripple’s legal issues and the absence of immediate price surges.
Ripple’s IPO and Future Prospects
Ripple’s anticipated IPO has been delayed by its SEC lawsuit. The outcome of this legal battle will significantly influence Ripple’s ability to go public and attract investment. Prospective investors should closely monitor these developments, as they will affect Ripple’s financial transparency and growth trajectory.
Ripple’s Financial Health
Unfortunately, due to Ripple Labs’ private status, its financials are not publicly disclosed. This opacity makes it challenging for potential investors to gauge the company’s health and prospects accurately.
However, once Ripple addresses its legal challenges and moves closer to an IPO, its financial statements will become a crucial resource for investors. Monitoring Ripple’s progress toward resolving its SEC lawsuit and achieving public company status will be key for those considering an investment.
Market Sentiment and Ripple’s XRP
The cryptocurrency market is influenced heavily by investor sentiment, which can be particularly volatile. XRP’s price fluctuations around the New Year, with transaction volumes spiking to over 5 million daily, illustrate the market’s responsiveness to developments within Ripple and the broader crypto ecosystem.
Keeping a pulse on market sentiment and regulatory news can provide investors with timely insights into potential price movements.
Ripple’s Role in the Future of Finance
Ripple’s vision of streamlining global finance through blockchain technology sets it apart. Its ODL system, by enabling instant, low-cost international money transfers, proposes a future where financial institutions can operate more efficiently and inclusively.
The adoption of Ripple’s technology by major banks and financial services could significantly impact XRP’s value and Ripple’s market position.
Should You Buy XRP Tokens Now?
Deciding to invest in XRP requires a balance of patience, risk tolerance, and timing. The current price, just below $0.60, may seem attractive compared to its historical performance and the potential for future growth.
Yet, the ongoing SEC legal battle introduces a level of uncertainty that cannot be ignored. Investors with a long-term outlook and a willingness to weather regulatory storms may find Ripple’s XRP a compelling addition to their portfolios.
Alternatives to Direct Investment in Ripple
For those cautious about direct investment in XRP due to Ripple’s unresolved legal issues or the lack of financial transparency, there are indirect ways to engage with the crypto market:
Invest in Crypto-Focused Companies: Companies like Coinbase offer a gateway to the crypto world, providing a platform for trading a wide range of digital currencies, including XRP.
Blockchain Technology Stocks: Companies leveraging blockchain technology in sectors beyond finance offer diversified exposure to the innovation driving the crypto market.
Crypto ETFs and Funds: While there are no ETFs directly tied to Ripple, several funds invest in a range of cryptocurrencies and blockchain technologies, offering a more balanced investment approach.
FAQs
Can XRP transactions be reversed?
No, XRP transactions are irreversible once they’ve been added to the blockchain ledger, similar to other cryptocurrencies.
Does Ripple control the XRP ledger?
Ripple plays a significant role in the development of the XRP Ledger, but the ledger operates on a decentralized network of independent validators.
Are there any countries where buying XRP is restricted?
Yes, regulatory stances on XRP vary by country. It’s essential to check local regulations before investing in XRP or any cryptocurrency.
How does XRP’s transaction speed compare to traditional banking systems?
XRP transactions are significantly faster, settling in 4 to 5 seconds, compared to days for some traditional banking systems.
Can I mine XRP like Bitcoin or Ethereum?
No, XRP cannot be mined. All XRP tokens were pre-mined at launch, with a portion released into the market by Ripple over time.
Is it possible to earn interest on XRP holdings?
Yes, some crypto platforms offer interest on XRP holdings through staking or lending programs, though availability and rates vary.
Final Words
Investing in XRP tokens offers a unique opportunity within the cryptocurrency market, distinguished by Ripple’s innovative payment solutions and the ongoing legal drama with the SEC.
While XRP hasn’t mirrored the explosive growth of Bitcoin or Ethereum, its role in facilitating efficient, low-cost international transactions positions it as a noteworthy option for patient investors.
As with any investment, careful consideration of the legal landscape, Ripple’s business model, and market alternatives is essential before committing.
The future of the XRP price has been a hot topic of contention among crypto analysts for a while now. Most of these analyses focus on the possible movements of the price as the bull market unfolds, as well as possible price targets. In the same vein, crypto analyst CryptoBull has presented their own bull case for the altcoin, giving the most realistic price targets.
Long Time Price Channel Shows Realistic Price
In the analyst CryptoBull posted on X (formerly Twitter), he shows the historical price movement of the altcoin going as far back as 2014. The analyst uses this to deduce the possible trajectory of the XRP price in the coming months using the XRP price channel.
According to CryptoBull, using this data, the most realistic price for the altcoin currently sits somewhere between $13 and $39. ”The long-term price channel shows the most realistic #XRP price between $13 and $39 in the coming months!” CryptoBull stated.
The long term price channel shows the most realistic #XRP price between $13 and $39 in the coming months! pic.twitter.com/iuePJitybs
While the lower end of this channel of $13 was more realistic, the upper end of $39 has drawn criticism from the community. In response to CryptoBull’s prediction, another X user, Ben McClymans, said it was “crazy talk.” This is because for XRP’s price to reach $39 per coin, then its market cap would have to be larger than that of Ethereum, which is currently the second-largest cryptocurrency in the market.
However, other community members jumped to the defense of XRP, reminding Ben that the market cap of XRP had actually flipped Ethereum before. Given this, they believe that it is possible that it will end up flipping to Ethereum once again.
XRP Price Performance Worries Investors
The XRP price performance over the last few years has worried investors because while other altcoins were hitting new all-time highs, XRP continued to struggle. However, this is understandable given that the United States Securities and Exchange Commission (SEC) sued Ripple in 2020, which adversely affected XRP’s performance.
The XRP price had crashed off the back of the announcement alone and did not recover as well as expected. There is a light at the end of the tunnel, though, as the lawsuit with the SEC seems to be coming to an end. The court looks to be leaning toward a settlement, which would put an end to the case once and for all.
To get an idea of what could happen with the XRP price when the lawsuit is over, we can take a look at what happened when Ripple secured a partial victory over the SEC in 2023. After Judge Analisa Torres declared that XRP programmatic sales did not qualify as securities, XRP jumped more than 60% in a single day.
The lawsuit is currently the biggest hindrance to the XRP price performance, and expectations are that the price will surge once it’s over. If it does so, then CryptoBull’s prediction could end up playing out.
Featured image from Bitcoinist, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
XRP’s price action for the last three years has been majorly disappointing, with the crypto yet to turn positive for its holders. Notably, XRP’s price action for the past three months has been brutal and needs to catch up when compared to other large cryptos.
Despite this underwhelming price movement, many analysts haven’t stopped predicting a potential rally for XRP in the coming months. Particularly, attorney Bill Morgan, who is known for his bullish stance on XRP, recently took to social media to share his take on the asset’s lackluster performance, calling it “unnatural.”
Pro-XRP Lawyer Calls The Decline ‘Unnatural’
Morgan’s recent observation on XRP goes along with the wider thought among investors. According to him, XRP’s performance over the past 90 days has been so unnatural, raising the question of how this poor performance came to be. This observation came as a reply to a chart shared by another investor comparing crypto gains.
At least XRP isn’t last. The question is why has the performance over 90 days been so poor. It is unnatural. https://t.co/hsvBBhUBJQ
According to the data, XRP is currently on a 17.8% decline in the past 90 days. However, other top cryptocurrencies like Bitcoin, Chainlink, BNB, and Ethereum have performed 30% gains in the same timeframe amidst wider crypto market rallies. The insights made by Morgan have not only shed light on the underperformance of XRP but have also sparked discussions among supporters.
The general consensus has been of an unnatural price action. The unnatural in this case has mostly been caused by the legal tussle between the SEC and XRP’s payment company, Ripple, which has lingered for the past three years. Although Ripple has made major headways against the SEC in the past year, the recent price action indicates that XRP is yet to garner support from institutional and large investors.
Ripple currently trading at $0.54459 on the daily chart: TradingView.com
Reversal Into A Rally?
The XRP community remains optimistic about the digital asset’s future. Many long-term XRP holders, often called “XRP Army” members, believe the lackluster price action is temporary and that XRP will rebound significantly in the coming months.
According to Crypto Rover, a crypto YouTuber, XRP is on the verge of breaking out of a triangular price action to the upside. His XRP/USD price chart indicates the formation of lower highs and higher lows for the past three years and is now at a squeeze. Morgan also relayed optimism to the analysis, stating “Now or never!”
At the time of writing, XRP is trading at $0.54, down by 3.50% in the past seven days. Crypto analyst Dark Defender forecasted a $0.66 price point and beyond in the coming months. Talks continue to linger around the potential of a spot XRP ETF.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Brad Garlinghouse, the CEO of financial technology company Ripple Labs, has disclosed that the crypto solutions provider and developer of the Ripple payment protocol would welcome a spot exchange-traded fund (ETF) for the network’s native token, XRP.
Ripple to Welcome Spot XRP ETF
Speaking on his thoughts about the current state of the crypto industry in a Bloomberg interview, Garlinghouse chipped in that creating multiple ETFs around different tokens is inevitable as they would further diversify the risk of trading such investment vehicles. He added that some firms may even launch basket ETFs, containing a collection of multiple crypto assets.
Likening the condition of the crypto ETF space to the earliest days of the stock market, the Ripple CEO explained that investors would not want exposure to just one stock or company, as they would prefer to diversify their risks and portfolio. For this purpose, there would eventually be other funds to diversify the risk from spot Bitcoin ETFs. However, the time of their launch would be difficult to predict.
“You know, the sad reality of what we saw with the Bitcoin ETF is it was only because the court forced the SEC’s hand and really chair Gensler’s hand that we saw that finally come to fruition. And look, in my opinion, it makes these markets safer; it makes them more robust. And so, this is good for the investment community,” Garlinghouse said.
BlackRock’s Face XRP ETF Application
In response to a question about discussions with asset manager BlackRock over the launch of a spot XRP ETF, Garlinghouse declined to comment.
“I know BlackRock has said some things publicly. We think it makes sense for the XRP community overall. Ripple obviously is a very important stakeholder in the XRP ecosystem, but we’re not the only player,” the exec stated.
Talks about a potential spot XRP ETF have been surrounded by dramatic events like the fake filing for the fund in Delaware. News broke in November that BlackRock registered a spot XRP ETF in Delaware shortly after applying for its Ethereum Trust. The news was eventually deemed false, and the case was handed to appropriate authorities.
Meanwhile, some analysts think there is little chance that an XRP ETF will be approved soon as Ripple is still entangled in a lawsuit with the US Securities and Exchange Commission.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
XRP 24-hour price action. Source: 
