XRP’s valuation continues on a downward trajectory, with market experts anticipating a potential dip beneath the pivotal $0.45 mark. The current bearish momentum is largely attributed to the ongoing legal battle between Ripple and the SEC, further fueled by a recent pronouncement from SEC Chair Gary Gensler.
On Tuesday, June 26, XRP managed to claw back from a 1.19% deficit, registering a modest 0.44% increase to close at $0.4761. Despite this uptick, the digital currency persists in a downtrend, lingering below the critical 50-day and 200-day Exponential Moving Averages (EMAs). Market analysts have outlined potential outcomes: a surge above these EMAs may signal a bullish turn towards the 50-day EMA, while a leap from the 50-day EMA could propel the currency towards the 200-day EMA.
Conversely, slipping below the $0.47 threshold may foreshadow a further slide under the $0.45 support level. Present market trends suggest that XRP could fall beneath the $0.45 mark, potentially entering a state of being oversold, as indicated by the 14-day Relative Strength Index (RSI), which currently reads at 39.12. A review of XRP’s market activity corroborates this bearish outlook, with the currency experiencing a 0.36% decline over the past 24 hours, a 4% drop over the previous week, and a 9% fall over the past month, now trading at $0.4733.
Nevertheless, investors maintain optimism as Ripple secures another victory on the international stage with XRP’s endorsement for global money transfers by Dubai’s VARA. This endorsement could significantly boost XRP’s adoption. Yet, the persistent uncertainty from the SEC vs. Ripple lawsuit and any forthcoming appeals against the Programmatic Sales of XRP decision could undermine any positive market impact.
The legal skirmish between the SEC and Ripple over XRP intensifies, with Ripple CEO Brad Garlinghouse offering a robust rebuttal to Gary Gensler’s remarks. Previously, Crypto News Flash reported the SEC’s push for a hefty $2 billion fine and a ban on XRP sales to institutional investors. The crypto community is keenly awaiting the court’s decision, which will influence their investment strategies.
Amidst a wave of regulatory actions targeting crypto enterprises, SEC Chair Gary Gensler recently revealed at Bloomberg Invest that American investors are not receiving the necessary disclosures from exchanges mandated by law. With an estimated 15 to 20,000 different tokens offered through investment contracts, Gensler argues that the lack of proper disclosure defies logic, given the number of offerings on platforms and the entrepreneurs involved.
In response, Garlinghouse sharply criticized Gensler’s claim of serving the American populace, pointing out Gensler’s oversight of the notorious FTX exchange and suggesting that such missteps could jeopardize President Biden’s re-election prospects.
Garlinghouse’s statement was unequivocal: “Gary Gensler’s remarks today are utterly baseless. His insinuations about all crypto executives facing imprisonment, especially from someone who overlooked the FTX debacle and cozied up to SBF, are outrageous. If Gensler truly had the American people’s interests at heart, he would’ve been dismissed long ago. His actions could very well lead to Biden’s defeat in the upcoming election.”
For your consideration:
– A Comprehensive Guide to Purchasing Ripple (XRP)
– Tutorial for Ripple XRP Wallet
– Monitor the 24-hour Price of XRP
– Latest News on Ripple (XRP)
– Understanding Ripple (XRP)
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