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Monero (XMR) and XRP face surging social volumes due to LocalMonero’s shutdown and Ripple’s ongoing regulatory scrutiny.
According to the latest analysis by Santiment, social volumes around Monero (XMR) and XRP have suddenly surged to unusual points. More attention is growing towards the two, coming off some of the recent developments around their respective ecosystems.
Notably, LocalMonero, a peer-to-peer trading platform for Monero, is closing down due to increased government scrutiny. Ripple, on the other hand, remains in a constant struggle with the SEC, particularly over the remedies for its illegal sales of XRP and the SEC’s branding of its upcoming stablecoin project as a crypto asset.
🗣️ #Monero is being discussed at an abnormally high rate due to the announcement that #LocalMonero is sunsetting as governments continue cracking down on $XMR and other privacy focused assets.
🗣️#XRPLedger is also seeing a high rate of discussion due to $XRP price volatility,… pic.twitter.com/gaV3ywP2up
— Santiment (@santimentfeed) May 9, 2024
LocalMonero Shutdown
The decision to wind up services by LocalMonero lit up a widespread conversation on Monero. The governments are tightening the screw on privacy-focused cryptos like XMR, affecting the platforms that facilitate the peer-to-peer trading business.
As a result, sentiment around Monero remains mixed, leaning slightly positive. Despite the disruption, Monero’s price is $131.85, reflecting a 1.96% increase in the last 24 hours and a 6.85% gain over the past week.
XRP Regulatory Challenges
Meanwhile, XRP remains under a cloud of regulatory challenges despite being declared non-secure last July by Judge Analisa Torres. This cloud is due to the struggles Ripple faces around the remedies demanded from the SEC in the age-old lawsuit.
In addition, the U.S. SEC recently dubbed Ripple’s forthcoming stablecoin project an “unregistered crypto asset” in its reply to Ripple’s opposition brief. This label has triggered concerns about possible regulatory challenges that could trouble the stablecoin following its launch later this year.
However, in the face of these, XRP has increased by 2.34% over the past seven days, more than the 2.8% gain the broader cryptocurrency market exhibited.
Market Sentiments and Technical Analysis
For Monero, the exponential moving average (EMA) sits below the current price at $128.48, indicating a potential short-term bullish trend. The Relative Strength Index (RSI) reads 51.53, suggesting a balanced market without overbought or oversold conditions.
Similarly, for XRP, the 9-day EMA is at $0.5244, slightly above the current price, suggesting resistance. The RSI reads 44.68, pointing to a consolidation phase, with the market awaiting regulatory clarity to determine the next move.
Against this market turbulence, Ripple is reaching out to more partnerships and expanding their base with the Tokyo-based HashKey DX and SBI Group. The idea is to tap into Japanese land with XRPL-powered enterprise solutions. Their initial focus is on supply chain finance.