Ripple is struggling to recover above the $0.48 resistance against the US Dollar. XRP price could extend losses if there is a close below the $0.44 support.

Ripple started a fresh decline from the $0.500 zone against the US dollar.

The price is now trading below $0.488 and the 100 simple moving average (4 hours).

There is a key bearish trend line forming with resistance near $0.470 on the 4-hour chart of the XRP/USD pair (data source from Kraken).

The pair might decline further if it stays below the $0.488 and $0.500 resistance levels.

Ripple Price Faces Hurdles

After a minor upward move, Ripple’s XRP struggled to gain pace for a move above the $0.50 resistance against the US Dollar. A high is formed near $0.4868 and the price is moving lower, similar to Bitcoin and Ethereum.

There was a clear move below the $0.475 and $0.470 support levels. The price is now trading near the 50% Fib retracement level of the upward move from the $0.4332 swing low to the $0.4868 high. It is now trading below $0.488 and the 100 simple moving average (4 hours).

Initial resistance is near the $0.470 zone. There is also a key bearish trend line forming with resistance near $0.470 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.480 level or the 100 simple moving average (4 hours). The main resistance is near the $0.488 level. A successful break above the $0.480 and $0.488 resistance levels might send the price toward the $0.520 resistance. Any more gains might send the price toward the $0.535 resistance.

More Losses in XRP?

The price of Ripple is facing a critical hurdle at the $0.480 resistance level, and if it fails to clear it, there is a possibility of further downside movement. The initial support on the downside can be found near the $0.454 zone, which is also the 61.8% Fibonacci retracement level of the upward move from the $0.4332 swing low to the $0.4868 high.

In case of a downside break, the next major support level is near $0.440. If the price of XRP breaks below this level and closes below it, it could extend losses towards the $0.400 support zone.

It is important to keep an eye on the technical indicators to assess the potential future movements. The 4-hour MACD for XRP/USD is now gaining pace in the bearish zone, indicating a bearish trend. Additionally, the 4-hour RSI for XRP/USD is now below the 50 level, further supporting the bearish outlook.

Looking ahead, traders and investors should exercise caution and keep a diversified portfolio to manage their risk. The major resistance levels to watch out for are $0.480, $0.488, and $0.500, while the major support levels are $0.454, $0.440, and $0.400. However, it is important to note that the market can be highly unpredictable, and these technical indicators are only one factor to consider when making trading decisions.

source: newsbtc

#xrp #xrparmy #ANALYSIS #cryptocurrency #RIPPLE

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that the company conducted an unregistered securities offering of its native XRP token. This article explores how this case’s outcome could shape the cryptocurrency market’s future.

First of all, it’s essential to understand what a security is. Imagine John buying a piece of Company “A.” This means John is buying ownership of the company, and his “piece” will become more valuable if the company does well. If John decides to sell his piece for a higher price, he will make a profit. This is similar to what the SEC argues happened with Ripple. The SEC claims that Ripple raised over $1.3 billion by financing itself with an “equity” offering.

Now, you might be thinking, “People buy Bitcoin or Ethereum to make a profit and are considered an investment by retail investors.” And you’re correct. Most people are attracted to cryptocurrencies because of their rapid increase in value during speculative bull runs. But the classification of whether a cryptocurrency is a security depends on how it was marketed by its “creators.” This classification is crucial for the future of the market.

If XRP is considered a security, it would likely be subject to strict regulatory oversight and restrictions, including registering with the SEC and complying with various reporting and disclosure requirements.

This could set a precedent and give the SEC the power to apply these regulations to the entire cryptocurrency industry, potentially overburdening it with excessive regulations. Applying the same rules to a crypto project as a Nasdaq-listed stock would be highly challenging for many projects. Additionally, these regulations may include restrictions on who can purchase or hold the token, which could lead to a significant drop in demand for the market.

However, regulations aren’t necessarily negative for the market. Scams and Ponzi schemes are common in this industry, and a new, clear regulatory framework could reduce uncertainty and make transactions smoother. Additionally, the framework must take into account the unique value that each cryptocurrency brings.

For example, XRP was designed for cross-border payments, similar to a currency. Other cryptocurrencies were designed for facilitating transactions as a governance token in various NFT projects or for executing transactions as a governance token in several NFT projects, or transferring and storing value, like Bitcoin.

In conclusion, the outcome of the SEC vs Ripple case has the potential to shape the future of the industry as it confirms or redefines the concept of “cryptocurrency”. It will be interesting to see how the industry develops in response to the decision.

source: zycrypto

image source: ai

#cryptocurrency #xrp #ripple #dyor #xrparmy

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.