XRP price towered over the crypto market on Thursday and Friday, bolstered by Judge Analisa Torres’ landmark ruling in the Ripple vs. SEC lawsuit, which ruled that XRP was not a security.
While the lawsuit did not define what a cryptocurrency is and has largely complicated regulations in the US, the fourth largest cryptocurrency was saved from the dreaded security status.
Following the ruling, investor interest in XRP skyrocketed, pushing the XRP price to $0.9351. While profit-taking interrupted the rally as XRP returned to $0.7932 during Friday’s European session, a higher support of $0.8 could mark the resumption of the uptrend.
XRP overtakes BNB to become fourth largest cryptocurrency
The payments-focused crypto token XRP exploded in both price and market cap, surpassing Binance’s native token BNB to become the world’s fourth largest digital token.
With a $41 billion market share, XRP is now trailing the largest stablecoin, Tether (USDT) at $83 billion. Meanwhile, BNB has taken the fifth position with a market share of almost $40 billion.
Four Hour XRP/USD Chart | Trade view
XRP price may undergo a sudden correction based on the overbought conditions exhibited by the Relative Strength Index (RSI).
That said, traders would be watching the XRP price reaction to resistance at $0.8. If defended, investors would be encouraged to keep buying XRP in hopes of a break above the $1 psychological resistance.
The movement of the Money Flow Index (MFI) into the overbought area above 80 means that more money is flowing into XRP markets compared to the outflow volume. What this means is that XRP price will most likely continue to move north and then reverse the trend to retest the support at $0.06 and $0.5 respectively.
Coinbase and Kraken Announce New XRP Offering
After more than two years of regulatory pressure, XRP holders can now smile after Judge Torres ruled that XRP is not a security in certain cases, particularly when sold through third-party protocols such as cryptocurrency exchanges.
Analysts at Bernstein, a crypto brokerage, said the outcome of the lawsuit will eliminate “overhanging securities on token-sold exchanges.” In addition, the groundbreaking statement is a “great relief for all tokens sold on secondary platforms.”
According to the analysts, the famous Howey test cannot simply be applied to crypto assets traded on exchanges. They argued that “the context of the transaction matters”.
“This weakens the U.S. Securities and Exchange Commission’s (SEC) position that securities law is clear and that no separate clarity is required for digital assets given the contextual interpretation required in each case,” Bernstein’s analysts said in a statement. a statement.
Many exchanges and digital asset entities that had de-listed XRP citing regulatory scrutiny, including Coinbase, Kraken and Bitstamp, announced on Thursday that they planned to resume support for the Ripple-issued token.
“Following today’s court ruling, we have resumed trading of XRP in the United States with immediate effect,” Bobby Zagotta Bitstamp USA CEO said in a written statement. “Bitstamp was one of the first exchanges to list XRP, and we are a leading liquidity venue for the asset globally.”
Gemini, another major US-based crypto exchange run by the Winklevoss twins who founded Facebook, said it was also weighing the possibility of bringing back XRP.
Coinbase will allow trading of XRP (XRP) on the XRP network again. Do not send this item through other networks or you may lose your money. Transfers for this asset will continue to be available on @ Coinbase & @CoinbaseExch in the regions where trade is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience abreast of the latest crypto news, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.
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This post Will Uptrend Continue For XRP Price? Coinbase, Kraken and other exchanges are offering XRP token again
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