XRP’s New Horizons: Ripple’s Cryptocurrency Gains Ground Amidst Changes
Today, we are updating XRP, Ripple’s cryptocurrency, since we are experiencing important changes, at a fundamental level.
Remembering about what it is XRP, and i will finish with technical analysis charts about your situation.
XRP is a cryptocurrency that was created in 2012 by Ripple Labs. It is designed to be a fast and efficient way to transfer value between parties. XRP has gained popularity in the cryptocurrency community, and its price has fluctuated wildly over the years.
This is a continued article from March 2023, where and with XRP in the area of 0.3937 USD, we commented on what it could do during the year 2023 and the following.
We are going to review what Ripple (XRP) is first and then go to the observation of its price, in real time.
In terms of the future of XRP and cryptocurrencies in general, it’s important to note that the space is still relatively new and constantly evolving. Here are some potential scenarios for XRP and the wider cryptocurrency landscape:
Increased adoption: If more people and businesses begin to use XRP and other cryptocurrencies as a means of payment, the demand for these assets could increase, potentially leading to a rise in prices.
Regulatory challenges: Cryptocurrencies are currently not regulated in the same way as traditional financial assets, which has led to some legal challenges. If regulators clamp down on XRP and other cryptocurrencies, it could negatively impact their price and adoption.
Technological advancements: As the technology behind cryptocurrencies continues to improve, it’s possible that new and more efficient cryptocurrencies will emerge, potentially displacing XRP.
Increased competition: XRP is not the only cryptocurrency that offers fast and efficient transactions. As more projects enter the space and compete for market share, XRP could face increased competition and potentially lose market share.
Overall, the future of XRP and cryptocurrencies is uncertain, and there are many potential scenarios that could play out. However, given the increasing interest and adoption of cryptocurrencies, it’s likely that they will continue to play a role in the global financial system in some capacity.
The XRP legal battle in the United States refers to a lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs, the company behind XRP, for allegedly selling XRP as unregistered securities.
The case has received a lot of attention and speculation in the cryptocurrency community, as it could have significant implications for the future of XRP and other cryptocurrencies.
On December 22, 2020, the SEC filed its lawsuit against Ripple Labs. Since then, there have been a series of hearings and motions filed by both parties.
On April 13, 2021, the judge presiding over the case issued a preliminary opinion stating that XRP transactions did not appear to meet the requirements to be considered securities. However, this opinion is not binding and the case is still ongoing.
On November 30, 2021, Ripple and the SEC reached a tentative agreement to resolve the lawsuit. Under the terms of the agreement, Ripple will pay $250 million to the SEC and commit to implementing certain compliance measures. The resolution of the case is subject to final approval by the judge presiding over the case.
In summary, the XRP legal battle in the United States is still ongoing, but there are indications that there could be a resolution in the near future. The tentative agreement between Ripple and the SEC appears to be a positive step towards resolving the case.
Anonymous XRP supporter…
An anonymous XRP supporter recently drew attention to this positive development in a tweet, highlighting a chart from Coin Metrics that revealed the growth in the number of XRP wallet addresses containing at least $100,000 worth of the cryptocurrency.
The chart indicates that there has been a significant increase in the number of XRP addresses holding a minimum of $100,000 worth of cryptocurrency since the beginning of this year. This growth trend is similar to what was observed in 2021 when XRP’s price surged to a high of $1.96 in April, despite the SEC charges filed against Ripple in December 2020.
However, after reaching a peak in 2021, the number of these addresses began to decrease, indicating a considerable distribution of XRP. This decline continued in an unpredictable pattern throughout 2021 and 2022, with the number of addresses falling below 8,000 in mid-2022. The recent surge in these addresses began shortly after this decline, gaining momentum this year.
What is happening new at the fundamental level?
- Prominent cryptocurrency lawyer John Deaton has offered his opinion on the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple. He maintains that a settlement of $20 million or less would constitute a major legal win for the company.
- Stuart Alderoty’s post adds to the story, noting that the SEC: Substantial damages without first demonstrating actual financial harm to “investors.” In essence, this implies that if there is no harm, there is no penalty.
- Dubai’s financial regulator, the Dubai Financial Services Authority, has approved XRP as a recognized crypto token for use within the Dubai International Financial Centre (DIFC), a special economic zone. “Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services,” Ripple explained, adding that institutions located in the zone can now utilize XRP “to accelerate faster, more efficient global value exchange.”
For those who do not yet know the strength that the Arab world is gaining in the financial infrastructures of the future, I will expand on what the DIFC is:
The Dubai International Financial Centre, known as DIFC (Dubai International Financial Centre), is a financial district located in Dubai, United Arab Emirates. It was established in 2004 with the purpose of promoting the growth and development of the financial sector in the region and serving as an internationally renowned financial center. DIFC operates under an independent legal jurisdiction and has its own legal and regulatory system, which distinguishes it from other parts of the UAE.
Some key aspects of the DIFC include:
Independent legal jurisdiction: DIFC has its own legal system based on British common law and an independent court, the DIFC Court, which has jurisdiction over financial and commercial matters within the financial centre.
Financial Regulation: The DIFC Regulatory Authority (DFSA) is the entity responsible for regulating and supervising financial activities at the centre. They follow international regulatory and supervisory standards to guarantee the integrity and stability of the financial sector.
Business environment: DIFC offers an attractive business environment for financial and professional services companies. It attracts banks, financial institutions, insurance companies, investment firms and other companies related to the sector.
World-class infrastructure: DIFC has quality infrastructure, including modern office buildings, shopping malls, restaurants and entertainment options.
The DIFC has had a significant impact on the economic growth of Dubai and the UAE as a whole, by attracting foreign investment and promoting the development of the financial sector in the region. Its strategic geographical position, first-class infrastructure and focus on financial regulation and supervision are some of the factors that have made it an attractive destination for companies and professionals in the world of finance.
Marz 2023: Technically, the price after the great vertical rise practically went back down to a large and important support area.
Now, the price could start looking at the long term, a big upward move. The future at a technical level, without it being a recommendation, seems promising and if, in addition, and in front of the SEC, there is positive news, we will find a graph that is more than bullish.
As the year 2023 has progressed, the area mentioned in March 2023 seems to be consolidated and already in July 2023, we have defined areas that it should not lose (current price at 0.4715 USD) and little by little it is advancing in making a good support base, to try bullish breakouts (it has already tried it twice so far as a mere resistance test of the great bullish continuation triangle). In my opinion, and without it being a buy recommendation, but by analyzing both the fundamentals, such as its onchain analysis, as well as the price of XRP, it is in a perfect area for it to be part of the portfolio of any person or company that wants to enter the crypto world.
Not having XRP, at least a few coins, can be an economic mistake, if it is about diversifying. But I repeat, my words must be taken from the information and training base that I always write for all of you. DYOR, do your own research or consult with your trusted financial advisor.
We have a situation where the price managed to escape upwards above the vertex of the triangle that we explained in July 2023. And it returned again to the same area, now as support. Since then, the price has been climbing back into an uptrend. Price is USD 0,67 today.
Good luck with your investment decisions.
Not Financial Advice.