Regulatory uncertainty already has enough of an impact on the cryptocurrency and blockchain sectors.
Meanwhile, XRP continues to wait for a judge to pass a verdict in the ongoing and widely publicized court case between the US Securities and Exchange Commission (SEC) and Ripple Labs (the issuers of XRP).
At the same time, there have been several new developments on XRP as a cryptocurrency and as a community, with some of them being how XRP now has almost 4.5 million active accounts, with Asia accounting for a sizable portion, followed by Ripple Labs itself, and then Binance, the largest centralized cryptocurrency exchange in the world.
In this article, we examine the latest developments on XRp as well as its price analysis, to figure out how the cryptocurrency is performing from fundamental and technical perspectives.
Edoardo Farina, CEO of Alpha Lions School, is advising investors against selling too quickly because of the continuing legal dispute between Ripple and the SEC.
Farina recently tweeted that selling XRP before this legal altercation is resolved may turn out to be a costly mistake. While some investors doubt Farina's counsel, others see the benefit of holding off until a solution is reached.
The ongoing legal battle, in the opinion of many seasoned traders and experts inside the XRP community, has significantly stunted the cryptocurrency's growth. And if the court case drags on for longer, the growth of XRP may become even more stunted.
So far, experts have contended that XRP will be able to reach unmatched heights in the market once this verdict is passed, and XRP is free from the SEC's clutches.
It is no secret that the SEC has spared little effort in going after prominent figures, companies and assets in the Web3 space.
One of the latest companies the regulatory agency has threatened to sue is Coinbase, on the allegations that the crypto exchange knowingly violated a set of investor protection laws.
The SEC alleged that nine of the tokens that Coinbase recently listed were unregistered securities, and because of this, the company was served a Wells Notice.
But, the news that Coinbase is suing the SEC right back has energized the XRP community.
On Monday of this week, Coinbase filed a lawsuit against the SEC, requesting that a federal judge compel the agency to provide a response to Coinbase's July 2022 petition as to whether current securities rule-making procedures might be applied to the cryptocurrency industry.
Meanwhile,
The XRP Ledger community has announced the start of the XRPL Accelerator program to aid in empowering this community and support builders who are expanding their enterprises utilizing blockchain technology.
The Accelerator is a 12-week program created to aid entrepreneurs creating products for the XRP Ledger (XRPL) in becoming successful businesses and gaining widespread acceptance. Selected teams will get a $50,000 program grant, acquire insightful advice from mentors who are thought leaders in their fields, improve their product-market fit and establish connections with financiers and partners.
Early-stage startups will be given all the tools, advantages, and resources by the XRPL Accelerator to accelerate their scaling efforts and provide significant utility and value. The highly personalized training will also assist each team in developing a refined, verified, and executable strategic plan to meet their particular growth issues using SMART Objectives and a specific 360-degree study of each project's business model and product offer.
The bulls attempted to push XRP over the 20-day EMA ( red line around $0.48) on April 24 and successfully defended the 50-day SMA (purple line around $0.45) against the bears on April 22, but the extended wick on the candlestick indicates that the bears are still active at higher levels.
Last week, the bulls again lost their grip on the $0.50 support, causing a decline straight down to the $0.44 zone.
However, several significant investors owning 1 million–10 million XRP coins have also been purchasing the dip behind the scenes, adding 80 million coins to their wallet balances over the past two weeks, according to on-chain statistics from Santiment.
The 20-day EMA's downward slope in the charts and the RSI's position in the negative region, however, show that bears are in control of the market at this point, and will not hesitate to push prices lower.
The price of XRP might go as low as $0.43 if the 50-day SMA gives in and the bears step up. This is a crucial level to keep an eye on because if it breaks, the pair may continue to fall to $0.36.
Bulls will need to immediately push the price back above the 20-day EMA to stop a potential drop. As they reach the resistance line, the bears can again stage a defence. If this resistance is breached, the pair may increase to $0.56.
The freshly added XRP coins are worth $36 million at the current market price of $0.46. This favourable divergence between whales' pricing and purchasing trends may be a key sign of an anticipated price recovery after all.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.