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XRP Price Acts Encouraging as SEC Announces Change in Major Post

Fri, 12/23/2022 - 12:59
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Gamza Khanzadaev
XRP shows encouraging price action amid SEC general counsel's departure
XRP Price Acts Encouraging as SEC Announces Change in Major Post
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While the U.S. Securities Commission announced the resignation of its general counsel and the arrival of a new one as early as the end of January, the price of XRP showed moderate but encouraging price action.

So, in addition to closing yesterday with gains against the dollar and Bitcoin and continuing to rise today, XRP quotes also held a key support level around $0.35. A break of the level would open the possibility of XRP falling to $0.3, where it last was back in July.

The resignation of SEC general counsel Dan Berkowitz is rumored to be due to his association with Sam Bankman-Fried. The head of the infamous FTX crypto exchange, whose collapse cost investors $10 billion, was recently released on $250 billion bail.

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Has bottom for XRP been outlined?

A hold at $0.35 showed once again the low below which buyers do not see the token's price and are willing to accumulate a position. This is indirectly confirmed by recent data reported by U.Today, citing Santiment.

Source: TradingView

According to that report, the number of addresses between 1 million and 10 million XRP reached a record high in December. At the same time, the percentage of the token supply held by these addresses also reached an all-time high of 7.23%.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.