Ripple has become one of the most discussed cryptocurrencies on krypto Twitter because of controversy with the U.S. Securities and Exchange Commission (SEC). Despite the incident that caused a major blow to XRP prices in late 2020, it has also had positive effects, such as increasing the popularity of XRP. In addition, the case has played a key role in influencing XRP prices as Ripple has won several wins.
The XRP rate is $ 0.716 at the time of writing after a 2.6% decline.
XRP price analysis
The XRP has risen more than 15% weekly, contributing to the coin’s rise to the current $ 0.71 level. The current bears may continue and the XRP could drop support below $ 0.71. Other retreats could result in a decline toward $ 0.667 and $ 0.63.
XRP shows ascending signs; therefore, the purchase of the subsidy may prevent the coin from falling further below the subsidy. Market signals indicate strong buying, which can increase purchasing power.
In the event of a rise, XRP will retest the $ 0.78 levels. Wider market support steers $ 0.89 per logo, then $ 0.94, after which XRP hits the desired $ 1 mark. At this point, XRP is looking to recover from the bulls established in April, when the market was at its peak.
Ripple recently released a billion XRP coins from his escrow account as part of a regular scheduled release. Of that amount, 182.3 million was sent to Jip McCaleb, Ripplen’s first chief technology officer. Whale Alert. McCaleb has regularly sold its XRPs by listing them on cryptocurrency exchanges.
Ripple’s breakthrough will occur once the SEC case is completed. However, according to James K Filan, an American lawyer who closely followed the case, the case will not close soon because neither party is ready to back down. Filan too stated that after the appointment of William Hinman on July 27, Ripple was given the names of the individuals who are assisting the case, and the company will probably be interviewing those individuals.
U.S. encryption settings are evolving now, and new rules could affect cryptocurrencies, including XRP. The Financial Action Task Force (FAFT) prepared a proposal two years ago to ensure that encryption exchanges and DeFi platforms implement Know-Your-Customer (KYC) and anti-money laundering (AML) rules. The law is due to be enforced and will affect all providers of virtual resources and change the encryption environment in the United States. While these regulations may benefit the cryptographic market in the long run in terms of legality, they may affect the current rise.
Where to buy XRP
To purchase XRP, create a cryptocurrency exchange account on a trusted and reputable platform such as eToro. eToro is one of the leading cryptocurrencies. It supports a wide range of cryptocurrencies and trading pairs. The platform is also easy for beginners to use as it provides access to user-friendly features such as a copy shop and demo store account.
Want to buy or exchange Ripple (XRP) now? Invest in eToro!
75% of retail investors ’accounts lose money when they trade CFDs.