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The cryptocurrency market remains under pressure, the price of Bitcoin went below the $35000 price level this Saturday, and for now, everything indicates that the price could fall even more. Ripple XRP/USD has weakened from $1.96 below $0.70 since 14th April, and the current price stands around $0.87.
Fundamental analysis: XRP holders protested outside the U.S. Securities and Exchange Commission headquarters
Ripple (XRP) has collapsed from the recent highs registered in the third week of April, and the risk of further declines is probably not over. There are lots of negative news for the cryptocurrency market recently, and the concerns among traders are that it may take a long time for prices to see any recovery as the bull cycle may be over.
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Most cryptocurrencies’ prices went down to their lowest levels in months, and if the price of Bitcoin falls below the $30000 support level, it would add further pressure to the whole cryptocurrency market. Despite this, Ripple remains one of the cryptocurrencies with the most significant potential, and it is important to mention that XRP holders protested yesterday outside the U.S. Securities and Exchange Commission headquarters in Washington.
They require that the regulator stops its “war on this cryptocurrency” and investigate former chairman Jay Clayton’s alleged conflict of interest. SEC reported that XRP is a security and thus falls under legislation that dates back to 1933, while also warned that Ripple and its executives have carried out multiple illegal securities sales in the last several years.
SEC sued Ripple in December 2020, while in its defense, the Ripple team said that XRP is a similar asset to both BTC and ETH. The regulator has asked Ripple to deliver new documents that could prove that it took efforts to alter public perception over XRP’s regulatory status.
Ripple CEO Brad Garlinghouse said that SEC created confusion among market participants, and the SEC vs. Ripple case continues to unravel. Several exchanges suspended trading activity of XRP, but Ripple’s business operations seem not too much affected by the SEC’s charges.
Ripple continues to expand its business throughout Southeast Asia, and more than 90% of XRP trading is happening outside the U.S. More than a third of the world’s 100 largest banks have tested or are already using this payment technology, and it is important to mention that Ripple recently acquired a 40% stake in Asian remittance payments firm Tranglo.
“This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments,” said Ripple CEO Brad Garlinghouse.
Technical analysis: Ripple can easily back below $0.70 support level
Ripple (XRP) currently trades around the $0.87 level, but it would be a strong sell signal if the price falls below $0.70 support. The next price target could be around $0.60 or even $0.50; still, if the price falls jumps above $1.20, we have the open way to $1.40.
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The cryptocurrency market remains under pressure; Bitcoin went below the $35000 price level this Saturday, which also negatively influences the price of XRP. Ripple (XRP) can easily back below the $0.70 level, and probably it is not the best moment to buy this cryptocurrency.