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.

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