- XRP continues to fall as analysts forecast a possible drop below the support level of $0.45.
- According to reports, the ongoing trend was triggered by uncertainty surrounding the Ripple-SEC case as well as a statement made by Gary Gensler, the chair of the SEC.
XRP reversed a 1.19% Loss on Tuesday, June 26th after making a small move 0.44% Surge to finish the day $0.4761. The asset is still in a downward trend, as it continues to hover below the 200-day and 50-day EMAs. Analysts disclose possible scenarios that could play out from this point—a break above the trendlines could hint at a move toward the 50-day EMA, and a breakout from the 50-day EMA could position bulls at a run toward the 200-day EMA.
A break under the $0.47 level could indicate a possible fall below the support of $0.45. On the basis of current market behaviour, XRP is likely to drop below the 0.45 level and into the oversold region. It is also evident from the Relative Strength Index 14-day indicator. This shows a score of 39.12. In addition, our review of XRP’s market data shows a bearish outlook as the asset has declined by 0.36% In the past 24 hours 4% In the past seven days and 9% In the past 30 days, it has traded at $0.4733.
Investors can still hold on to their hopes, though, because Ripple is gaining another major victory in the world stage. The VARA, the Dubai Financial Authority, has approved XRP as a worldwide money transfer. Our research shows that this could be a catalyst for XRP’s adoption. However, uncertainty over the SEC v Ripple litigation and a possible challenge to the Programmatic Sales of XRP verdict could have a negative impact on market prices.
Brad Garlinghouse strongly responds to Gary Gensler’s comments in SEC vs Ripple Case
It was a few months ago. Crypto News Flash reported The SEC was pushing for the court to impose a penalty of $2 billion and an injunction that would prohibit XRP’s sale to institutional investors. Market participants are waiting with anticipation for the decision to determine whether they will open or close positions.
SEC Chairman speaks out against enforcement actions by crypto firms Gary Gensler Bloomberg Invest revealed recently that American citizens aren’t receiving all the information they need from their exchanges, as per law.
You can find anywhere between 15 and 20,000 different tokens. They are offered as investment contracts or schemes. The American public is not getting the proper disclosure that they are required to get by law…And the intermediaries, in the middle of the market, those so-called exchanges, broker-dealers, and so forth, if they’ve got hundreds of offerings on that platform, think about it, how many of those offerings don’t have some group of entrepreneurs in the middle. The logic is just a bit illogical.
Brad Garlinghouse, CEO of Ripple, responded to Gensler by dismissing his position. “working for the American people.” The SEC chairman was also criticised for missing out on the notorious FTX exchange He even said that he might cause Biden’s loss in the next presidential election.
Gary Gensler has today said nothing but nonsense. This slander against “all crypto execs going to jail” From the guy who missed FTX and actually snooty up to SBF, but wasn’t invited to DOJ announcement on Binance. He was a liar. “working for the American people” As he claims, he should have been terminated long ago. Gensler’s actions will lead Biden to lose his election.
Please read:
No spam, no lies, only insights. Unsubscribe anytime.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com