Ripple has become one of the most discussed cryptocurrencies on crypto Twitter because of its ongoing wrangles with the US Securities and Exchange Commission (SEC). Despite the case causing a major blow to XRP prices towards the end of 2020, it has also had some positive contributions, such as increasing XRP’s popularity. Besides, the case has also played a key role in influencing XRP prices, given that Ripple has had several wins.
XRP is trading at $0.716 at the time of writing after a 2.6% decline.
XRP Price Analysis
XRP has gained over 15% on a weekly scale, which contributed to the coin climbing to the current $0.71 level. The current bears might persist, and XRP could go below the $0.71 support. Further retreats could lead to a drop towards $0.667 and $0.63.
XRP shows bullish signs; hence, buying support might stop the coin from falling further below support. Market signals indicate a strong buy, which could see a rise in buying momentum.
In case of an upswing, we will see XRP retesting the $0.78 levels. Broader market support will steer the token towards $0.89, then $0.94, after which XRP will hit the coveted $1 mark. At this point, XRP will be inching towards recovering the bulls established in April when the market was at its peak.
Ripple recently released one billion XRP coins from its escrow account as part of its regular programmed release. From this amount, 182.3 million were sent to Ripple’s first Chief Technology Officer, Jed McCaleb, as posted by Whale Alert. McCaleb has been selling his XRP regularly by depositing them to cryptocurrency exchanges.
Ripple’s breakthrough will happen once the SEC case is finalized. However, according to James K Filan, an American attorney who has been following the case closely, the case will not close anytime soon because neither party is willing to back down. Filan also stated that after the deposition of William Hinman on July 27, Ripple got names of individuals that will help the case, and the firm is probably interviewing the said individuals.
The US crypto regulations are now evolving, and cryptocurrencies, including XRP, could be affected by the new rules. The Financial Action Task Force (FAFT) drafted a proposal two years ago to ensure crypto exchanges and DeFi platforms implement Know-Your-Customer (KYC) and Anti-money Laundering (AML) rules. The law is scheduled for implementation and will affect all virtual asset providers and reshape the crypto environment in the US. Whilst these regulations may benefit the crypto market in the long run in terms of legitimacy, they may affect the current upswing.
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