Over the weekend, Ripple's XRP experienced an 8% decline, attracting market attention. Amid regulatory uncertainties and discussions regarding XRP's classification by the SEC, the market awaits developments that might influence its trajectory.
SEC Discussions and ETF Process
The U.S. Securities and Exchange Commission (SEC) is debating the possibility of classifying XRP as a commodity. This classification could significantly affect XRP’s regulatory future. Prolonged legal battles over whether XRP is a security continue to create uncertainty in the market. According to FOX analysts, new regulatory announcements from the SEC may play a crucial role in the ETF approval process for XRP. Delays in approving ETFs could influence XRP’s market movements. Investors are closely monitoring the SEC’s final decision regarding this matter.
Technical Data and Market Movements
Following the 8% drop in XRP’s price, market data is presenting complex signals for investors. In derivative markets, XRP’s trading volume increased by 12.11%, reaching $6.05 billion. Liquidation data over 24 hours indicates losses for long positions, while there is potential for short positions to face a squeeze. The RSI data stands at 47.49, suggesting potential upward movement. However, for the market to gain a clear direction, XRP must maintain critical support levels. According to technical analyses, there is a possibility of recovery at current levels, but price movements continue to be influenced by regulatory uncertainties.
New Cryptocurrency Wallet Application by Ripple
Ripple has applied to launch a new cryptocurrency wallet application under the “RIPPLE CUSTODY” brand. This initiative demonstrates Ripple’s aim to expand its ecosystem and diversify its financial services. Investors are closely watching regulatory and technical developments concerning XRP’s future as they track market movements.
The decline in XRP prices has sparked discussions among investors and experts about the cryptocurrency's future regulatory and market paths. Investors continue to monitor regulatory changes and market signals to understand potential shifts in XRP's price and strategy.
