Cryptocurrency News

XRP price defends critical support as Ripple lawyer anticipates clever Super Bowl Bitcoin Spot ETF

The future of XRP remains uncertain as Ripple continues to navigate a complex legal landscape and regulatory scrutiny. While recent court rulings have provided some clarity, the long-term viability of XRP hinges in part on the outcome of an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) and the evolving regulatory environment surrounding cryptocurrencies. Crypto ATMs are kiosks that allow users to buy and sell cryptocurrencies using cash or debit cards. Crypto ATMs provide a convenient way for individuals to access cryptocurrencies without the need for a traditional cryptocurrency exchange account.

  • It comes as the countdown for spot Bitcoin exchange-traded funds (ETFs) continues to close in and Ripple attorney John E. Deaton has an opinion on the narrative.
  • Neil Patel and his clients have no position in any of the stocks mentioned.
  • Ripple’s CLO, Stuart Alderoty, warns of potential negative repercussions for the cryptocurrency industry due to the SEC’s enforcement-focused policy.
  • To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site.
  • Today, Ripple has transformed into RippleNet, an integrated suite of products and services designed to streamline global transactions and reduce transaction costs while continuing to leverage XRP as a payment token.
  • The contrasting bills could dictate the evolution of the US digital asset space.

In 2019, ahead of the SEC, some XRP stakeholders also filed a lawsuit (filed by XRP investors). This suit was based on the allegation that Ripple founders had an “intent to deceive or defraud” its investors. The ruling, however, was taken as a win by crypto enthusiasts, and the price of XRP jumped more than 95% on the news. In addition, other leading altcoins such as Cardano (ADA), Solana (SOL) and Polygon (MATIC) were up 17%, 18% and 19% respectively.

Scalability of XRP

However, the judge did also rule that the initial sale of XRP still violated federal securities laws. As new transactions come in, the validators update their ledgers every three to five seconds and make sure they match the other ledgers. This allows the network to securely and efficiently validate transactions, which gives it an edge over other cryptocurrencies like Bitcoin.

  • For instance, MoneyGram, a global money transfer company, has partnered with Ripple to pilot XRP-based cross-border payments.
  • Despite its interesting ambitions, this payments-focused cryptocurrency is currently sitting 83% below its all-time high, even though it has soared 90% in 2023.
  • Users can search for crypto ATMs that support XRP and other cryptocurrencies on websites that aggregates ATM locations worldwide, such as ATMlocator, Coin ATM Radar, CoinATMs, and Crypto ATM Map.
  • In December 2020, the Securities and Exchange Commission (SEC) sued Ripple and its two executives for issuing an unregistered security with its Ripple tokens.

A surge to $5.5 would mean an 800% price gain from the current level before the end of the year. However, current fundamentals points to an increase of this magnitude in such a short timeframe being very unlikely . Earlier this year, Ripple received a similar license in Dubai as well from the Dubai Financial Services Authority. Along with the win against the Securities and Exchange Commission (SEC), Ripple has noted a successful 2023 in terms of regulatory milestones. FXStreet and the author do not provide personalized recommendations.

However, an XRP fall through the $0.60 handle would bring the $0.5835 support level into play. An XRP break above the EMAs would support a move to the $0.6354 resistance level. On the 4-hourly, XRP hovered below the 50-day and 200-day EMAs, reaffirming bearish near-term price signals.

Chainlink prioritizes Real World Asset Tokenization in 2024, LINK price eyes comeback to $16

XRP was designed as a utility token and a settlement layer for cross-border payments within the Ripple ecosystem. Ripple is a money transfer system akin to the popular SWIFT payments system used globally by some financial institutions. Designed as an alternative to SWIFT, it uses crypto technology to validate transactions. Ripple users spend XRP, its native cryptocurrency, to pay transaction fees on transfers. The SEC has stepped up its enforcement actions toward the blockchain and digital assets industry, filing charges against platforms such as Coinbase or Binance for allegedly violating the US Securities law. The SEC claims that the majority of crypto assets are securities and thus subject to strict regulation.

Canopy Growth Just Enacted a 1-for-10 Reverse Split of CGC Stock

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. Ripple (XRP) price is moving horizontally, lacking directional bias as the market anticipates the holidays.

Mobile Wallets

Ripple witnessed another milestone on Wednesday as the year comes to an end in the form of registering as a VASP with the Central Bank of Ireland. The event also happened to act as a bullish catalyst for XRP price, which broke through the recent downtrend. This also invoked Ripple CEO Brad Garlinghouse’s thoughts, who discussed what the plan for 2024 is. In its fourth-quarter 2023 update, Chainlink outlined its three priorities for the upcoming year. Chainlink’s plans are  the launch of its Cross-Chain Interoperability Protocol (CCIP), the introduction of a new data solution, and the launch of functions for developers on the blockchain. The 4-hourly RSI, with a reading of 42.64, suggests an XRP fall below the $0.5835 support level before entering oversold territory.

The analyst also drew a bottom (Atlas) line on higher lows since 2021 to form a symmetrical triangle. XRP price, trading at $0.619 at the time of writing, is observing a bounce back from the key support level of $0.600. This price point has been acting as a support for the altcoin for nearly a month now, and a fall through it would confirm the beginning of a bearish momentum. Ripple’s Chief Legal Officer, Stuart Alderoty, said on Wednesday that the cross-border payment remittance firm got the approval to operate as a digital asset provider in Ireland.

The proof-of-work mechanism contributes to Bitcoin’s enormous energy consumption. The court ruled that Ripple violated securities laws by offering unregistered securities to institutional investors but didn’t when selling XRP on exchanges. Notably, XRP’s blockchain operates a little differently than most other cryptos. Other cryptocurrencies open their transaction ledgers and verification processes to anyone who can solve complex equations quickly. But transactions are secure as the majority of ledger holders must agree with the verification for them to be added.

Buying shares in an organisation which uses or owns cryptocurrencies and the blockchain that powers them is another way to invest in cryptocurrency. If the company is subject to regulatory scrutiny, an investor may feel this is a more secure way to invest. An exchange is a platform on which buyers and sellers can trade cryptocurrencies. A broker is an interface that interacts with exchanges on the behalf of investors.

Both P2P and DeFi offer greater privacy and control over their transactions than centralized exchanges and access to cryptocurrencies for users who may not have access to different financial institutions. XRP cannot be purchased directly from Ripple’s website or systems, including the XRP Ledger. The XRP Ledger is a decentralized network that maintains a record of XRP transactions.

Cryptocurrency News

How to Convert Bitcoins to Dollars: 11 Steps with Pictures

Crypto’s price fluctuations might help you make money much more quickly than the stock market’s longer horizons, but can also lead to significant short-term losses. They buy when a cryptocurrency is at a high, sell when the price plummets, and then miss out if the price bounces back. If the price has dropped and you no longer think the cryptocurrency is a good investment, then you should sell.

  • Instead of going through a service like LocalBitcoins, you could just convert your cryptocurrency to USD by selling crypto to someone you know.
  • If the price has dropped and you no longer think the cryptocurrency is a good investment, then you should sell.
  • Coinbase lets you convert cryptocurrency to USD, GBP, or EUR.Read this step-by-step guide to learn exactly how to do it.
  • This is similar to the stock market, real estate, and most other open marketplaces.
  • You can learn how to buy crypto, investing, managing your personal finance with our latest guides.

This is the bank account you are going to send your funds to, from your own bank account. Fill in the name of your bank and your full name connected to your bank account. Here you can actually see some of my withdrawals to my bank account. So the first thing you want to do is to visit the exchange and create an account. The ATM will give you an address to which you will send the Bitcoin you wish to sell.

Cryptocurrency Debit Cards

There are less accessible markets as well, where cryptocurrencies can experience relatively higher prices, this is because those prices although higher, serve to satisfy local demand. As mentioned, cryptocurrency exchanges can ask for identity verification, which can turn off a lot of cryptocurrency users, who tend to be privacy advocates. After our Bitcoin is in our Coinbase Bitcoin wallet, we will go to the Buy/Sell tab, where we can sell our Bitcoin for USD. Sell the BTC amount you desire from your Bitcoin Wallet and deposit it to your preferred payment method like a bank account or PayPal account.

They offer high liquidity (you can sell your crypto for USD quickly) and can be tied to payment methods like bank account and PayPal account for easy USD withdrawal. There are two main avenues to convert bitcoin to cash and ultimately move it to a bank account. These third parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate. The only thing you need to do is to connect your bank account with a first deposit and then you can convert cryptocurrency to USD or any other fiat currency. It takes a little bit of time to transfer the coins to Coinbase and then get connected to your bank account but it’s definitely the easiest and safest platform to do it.

Contract Address

For the sake of simplicity, we’ll use Binance in this example. In other words, you can sell the aforementioned cryptocurrencies for USD, and then withdraw to a payment method, such as a bank account. If you live in the US, CoinBase is the easiest way to sell Bitcoin for cash. CoinBase allows users to buy and sell Bitcoin online with a credit card or through their bank account. Some traders buy cryptocurrencies in crypto exchanges or places where the price is lower, and then sell them at the highest price, obtaining a profit on the process.

From Binance (or wherever we have our Bitcoin), we want to send our Bitcoin to Coinbase. As with Binance, we will deposit our Bitcoin into the Bitcoin wallet provided by Coinbase. Once your OMG is on Binance, go to the trading page for OMG/BTC. Where it says “Sell OMG”, enter the amount of OMG you want to sell. When that is done you can convert crypto to cash as often as you want.

Total Supply

A trade could fail because of a sudden shift in the exchange price between the cryptocurrencies you are trying to convert. We recommend you wait at least 60 seconds before retrying the transaction. Coinbase lets you convert cryptocurrency to USD, GBP, or EUR.Read this step-by-step guide to learn exactly how to do it. The easiest way to exchange cryptocurrency for cash is through Coinbase. Once your bank account has been connected to Coinbase you are free to cash out crypto.

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Connect your own bank account with a bank transfer deposit.3. After you have connected your bank account you can now sell cryptocurrency for cash to your own bank account. To sell cryptocurrency for cash on Coinbase takes about 2-5 workdays before you will see your money in your account. You can also read our guides on fiat to crypto exchanges for more information on how to use the fiat gateways that the exchanges offer.

CAD To EUR Convert Canadian Dollar To Euro

Since trying to convert an altcoin to USD can involve one more step in the process of converting cryptocurrency to USD, we’ll go over that first. However, you will need to wait until any existing Coinbase Pro account holds or restrictions have expired before you can withdraw funds to your bank account. Withdrawal-based limit holds typically expire at 4 pm PST on the date listed. According to Coinbase, “the base rate for all purchase and sale transactions in the U.S. is 4%.” But, the fees vary based on your location and payment method. Coinbase charges a higher amount for either a flat rate or variable fee based on the payment method.

The best way to sell your cryptocurrency is through Coinbase and in this guide I’ve laid out exactly how to do it in a simple format to follow. Now you know how to sell cryptocurrency for USD and if you need a guide to help you, check the step-by-step guide at the beginning of this article. The Grok Girl price page is just one in Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Besides, it must be taken into account that the creation of Bitcoins follows a specific procedure, and there is a limit to the possibilities of creating these cryptocurrencies. For example, Bitcoin’s value surged more than 300% since October 2020, thanks to a broader institutional demand. Other retail traders and institutions jumped in to avoid the famous FOMO (Fear of Missing Out) as BTC was turning into a better store of value than any traditional fiat, like the US Dollar.