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According to Ripple CEO Brad Garlinghouse, amid an ongoing legal battle with the U.S. securities regulator, the United States currently ranks as one of the least favorable locations worldwide to launch a cryptocurrency startup. Garlinghouse made this statement during a panel discussion at Token 2049 in Singapore yesterday.
In his view, Garlinghouse suggested that the United States should take cues from countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland. These nations have implemented policies that foster cryptocurrency innovation while simultaneously safeguarding consumer interests.
Garlinghouse placed responsibility on the Securities and Exchange Commission (SEC), alleging that it is embroiled in a political struggle with the cryptocurrency industry through its legal actions. He argued that the SEC’s litigation approach is ineffective and noted that recent court victories by Ripple and Grayscale against the SEC may indicate a shift in the court’s stance towards the industry. Garlinghouse emphasized that while the outcomes of the Ripple and Grayscale cases do not establish legal precedents, they do provide a degree of clarity for cryptocurrency exchanges and custody providers operating in the United States, at least for the time being. Despite the United States being a significant market for Ripple, Garlinghouse revealed that the company is expanding its services to countries that he believes have a more progressive outlook and a better understanding of the potential advantages of blockchain technology.
XRP Current Market Standing
Ripple (XRP) is ranked as the sixth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 0.26% increase in price over the last 24 hours, bringing its price up to $0.4762 at press time. This also put its total market cap at approximately $25.278 billion.
The 24-hour gain was, however, not enough to bring the remittance token’s weekly performance out of the red zone. As a result, XRP was still down 5.03% for the past 7 days.
Despite the increase in price, the altcoin recorded a decrease in its total daily trading volume over the past 24 hours. At press time, XRP’s 24-hour trading volume was estimated to be $1,043,711,572. This was a 16.09% decrease compared to the amount of volume XRP had recorded in the previous 24-hour cycle.
XRP Technical Overview
XRP’s price had attempted to break below the $0.4715 support level over the past 48 hours. After reaching a low of $0.4590, the remittance token’s price recovered to reclaim a position above the crucial support line. Subsequently, the altcoin’s price entered back into the consolidation channel it had been trading in for the past few weeks.
Despite being able to claim a position back above the $0.4715 support, XRP’s price remained at risk of breaking below the key level in the coming 24-48 hours. If XRP does close a 4-hour candle below this point, then it may continue to drop to $0.4235 in the following 48 hours. Conversely, if XRP is able to close the next three 4-hour candles above the $0.4715 support, then it may rise to the upper level of the consolidation phase at $0.5380. Thereafter, enough buy support could lead to XRP flipping the $0.5380 mark into support before continuing its ascent towards $0.5890.
Meanwhile, a medium-term descending triangle had formed on XRP’s daily chart over the past few weeks. This bearish chart pattern suggested that the altcoin’s price may be at risk of dropping below the previously-mentioned $0.4715 support level in the coming 24-48 hours.
Adding credence to this bearish thesis is the fact that a noteworthy bearish technical flag was on the verge of being triggered on XRP’s daily chart. At press time, the daily MACD line was attempting to cross below the MACD Signal line. Should these two technical indicators cross, it will signal that sellers have gained the upper hand.
This may then lead to XRP’s price dropping in the following few days. In this scenario, the remittance token’s price may retest the $0.4235 support level.
However, XRP closing today’s daily candle above the 9-day EMA line at around $0.4914 will invalidate the bearish thesis. This may then lead to XRP’s price rising to $0.5380 and potentially attempting to reach the next price threshold at $0.5890 in the following few days.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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