As a researcher with extensive experience in the crypto market, I’m closely monitoring the latest developments surrounding XRP. The recent announcement by Coinbase to relist XRP for its New York customers is a positive sign, indicating potential progress in the ongoing legal battle between Ripple and the SEC.
I, as an analyst, have observed a surge in positivity surrounding XRP over the past week. This uplift can be attributed to Coinbase’s announcement of resuming services for the token in New York, following a previous suspension due to ongoing regulatory disputes with the United States Securities and Exchange Commission (SEC).
On June 13th, I, as part of Ripple’s legal team, filed a supplemental notice in the U.S. District Court for the Southern District of New York. In this notice, we argued that the SEC’s proposed civil penalty against us was unreasonable. To support our claim, we cited the $4.5 billion settlement reached between the SEC and Terraform Labs and its co-founder, Do Kwon, in 2021.
As a researcher studying the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), I’ve come across some intriguing perspectives. Sean McBride, one of Ripple’s co-founders, recently voiced his opinion on the matter. He accused SEC Chair Gary Gensler of prioritizing the role of a “law enforcer” over that of an advocate for investors or a catalyst for the digital asset industry’s evolution.
XRP price movements
As a researcher studying the XRP market, I’ve observed that its price has been fluctuating between the $0.47 and $0.50 range. This pattern indicates that buyers are entering the market near the support level of $0.47, while sellers are exiting around the resistance level of $0.50. However, based on the current price movements, it seems that there’s a higher likelihood for a reversal around the $0.47 mark.
If the price turns down from the current level or the 20-day EMA ($0.50), it may drop below $0.46.
Still 84% below ATH
The current market value of XRP exceeds $29 billion, marking a significant increase of around 104% in trading activity over the past day, resulting in a substantial volume of approximately $2.3 billion.
Significant trading activity among whale investors, who hold between 10 and 100 million XRP, suggests the redistribution of assets. Conversely, whales with over one billion XRP have been steadily increasing their holdings since mid-April, implying deliberate accumulation.
Market turmoil
As a crypto investor, I’ve noticed that the past week has brought about substantial liquidations as Bitcoin dipped below the $66,000 mark. Consequently, approximately $180 million worth of leveraged derivatives positions across all crypto assets were forcedly closed. This market correction resulted in an astounding total of over $870 million in liquidations, effectively reducing excessive leverage within the market.
Several analysts predicted that Bitcoin would reach new peak prices due to decreasing inflation rates and weak economic indicators. Yet, efforts to push the price upward were unsuccessful, resulting in Bitcoin being trapped within a narrow trading band.
As a researcher studying the cryptocurrency market, I’ve discovered that the correlation between XRP and Bitcoin is quite significant, with a value of 0.72. This strong connection implies that any price fluctuations in Bitcoin are likely to influence XRP as well. Therefore, if Bitcoin experiences a correction this week, it may lead to downward pressure on XRP prices. Conversely, if Bitcoin recovers and rebounds, it could potentially serve as a buy signal for XRP investors.
The price of XRP continues to fluctuate, but upcoming legal and regulatory decisions may establish significant precedents for other digital currencies. Notably, there has been a surge in trading activity and large transactions from prominent investors, along with developments on the EVM sidechain, which could signal an impending upward trend.
In spite of the volatile market conditions and substantial sell-offs, XRP exhibits signs of recuperation, bolstered by recent court filings and shrewd market maneuvers.
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2024-06-17 08:41