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Everything to Know About XRP This Week

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Mon, 17/06/2024 - 5:40
Everything to Know About XRP This Week
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This past week has brought renewed optimism for XRP as Coinbase announced the relisting of the token for its customers in New York. The relisting follows a suspension due to ongoing regulatory issues with the U.S. Securities and Exchange Commission (SEC).

On June 13, Ripple’s legal team submitted a notice of supplemental authority in the U.S. District Court for the Southern District of New York. The notice alleged the “unreasonableness” of the SEC’s civil penalty, referencing a $4.5 billion settlement between the SEC and Terraform Labs and its cofounder, Do Kwon.

Meanwhile, Ripple cofounder Sean McBride shared his take on the Ripple vs. SEC battle. He criticized SEC Chair Gary Gensler, claiming his primary motive is to act as the "cop on the beat" rather than protect investors or foster the digital asset revolution.

XRP price movements

XRP has been oscillating between $0.47 and $0.50, indicating buying near the support level and selling close to the resistance. That being said, current price dynamics suggest higher reversal potential around the $0.47 mark. 

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If the price turns down from the current level or the 20-day EMA ($0.50), it may drop below $0.46.

Still 84% below ATH

XRP's market cap currently stands at over $29 billion, with a 104% surge in trading volume over the last 24 hours, reaching $2.3 billion. 

Whales holding between 10 and 100 million XRP have shown significant trading activity, suggesting active redistribution of assets. Meanwhile, those holding over one billion XRP have increased their holdings since mid-April, indicating deliberate accumulation.

Related

Market turmoil

The past week saw significant liquidations as the BTC price fell below $66,000, resulting in nearly $180 million in liquidated leveraged derivatives positions across all crypto assets. This shakeout led to over $870 million in total liquidations, effectively flushing excess leverage from the market.

Many analysts had anticipated an imminent breakout for Bitcoin to new record highs, driven by slower inflation and softer economic data. However, attempts at rallies were quickly sold off, leaving BTC in a sideways trading range.

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Source: CoinMarketCap

XRP/BTC has a correlation value of 0.72, which is considered high for altcoins. This means a BTC price correction will likely impact XRP price movement this week. If the BTC price rebounds, it could mean a potential buy signal for XRP.

Related

While XRP’s price remains volatile, the legal and regulatory outcomes could set precedents affecting other cryptocurrencies. The recent increase in trading volume and whale activity, as well as the latest updates on EVM sidechain, hint at a potential uptrend. 

Despite ongoing market turmoil and significant liquidations, XRP shows the potential for a recovery, supported by recent legal filings and strategic market movements.

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