The cryptocurrency market remains under pressure, the price of Bitcoin fell below the $ 35,000 price level this Saturday, and for now everything indicates that the price could fall further. Ripple XRP / USD has weakened from $ 1.96 below $ 0.70 since April 14, with the current price hovering around $ 0.87.
Fundamental analysis: XRP holders protested outside the headquarters of the US Securities and Exchange Commission.
Ripple (XRP) has tumbled from recent highs recorded in the third week of April, and the risk of further declines is probably not over. There is a lot of negative news for the crypto market recently, and the concern among traders is that it may take a long time for prices to see a recovery as the bull cycle may be over.
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The prices of most cryptocurrencies fell to their lowest levels in months, and if the price of Bitcoin falls below the support level of $ 30,000, it would add more pressure to the entire cryptocurrency market. Despite this, Ripple remains one of the cryptocurrencies with the greatest potential, and it is important to mention that XRP holders protested yesterday in front of the headquarters of the US Securities and Exchange Commission in Washington.
They require the regulator to stop its “war on this cryptocurrency” and investigate former President Jay Clayton’s alleged conflict of interest. The SEC reported that XRP is a security and therefore subject to legislation dating back to 1933, while also warning that Ripple and its executives have carried out multiple illegal sales of securities in recent years.
The SEC sued Ripple in December 2020, while in its defense, the Ripple team said that XRP is an asset similar to both BTC and ETH. The regulator has asked Ripple to release new documents that can prove that it made efforts to alter public perception of the regulatory status of XRP.
Ripple CEO Brad Garlinghouse said that the SEC created confusion among market participants and that the SEC vs. Ripple case continues to unravel. Several exchanges suspended XRP trading activity, but Ripple’s trading operations do not appear to be too affected by the SEC charges.
Ripple continues to expand its business throughout Southeast Asia, and more than 90% of XRP trading takes place outside of the U.S. More than a third of the world’s 100 largest banks have tried or are already using this technology. payment, and it is important to mention that Ripple recently acquired a 40% stake in Asian remittance payment company Tranglo.
“This partnership will see both companies combine their deep local expertise to address the challenges associated with cross-border payments,” said Ripple CEO Brad Garlinghouse.
Technical Analysis: Ripple May Easily Pull Back Below $ 0.70 Support Level
Data source: tradingview.com
Ripple (XRP) is currently trading around the $ 0.87 level, but it would be a strong sell signal if the price falls below the $ 0.70 support. The next price target could be around $ 0.60 or even $ 0.50; still, if the price falls above $ 1.20, we have the road open to $ 1.40.
The cryptocurrency market is still under pressure; Bitcoin fell below the $ 35,000 price level this Saturday, which also negatively influences the price of XRP. Ripple (XRP) can easily fall back below the $ 0.70 level, and it is probably not the best time to buy this cryptocurrency.