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Everything to know about XRP this week
Dan Burgin
From Ripple’s legal battle to the latest cryptocurrency market turmoil, XRP will face crucial challenges in the coming days
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Last week brought renewed optimism for XRP as Coinbase announced it was relisting the token for its customers in New York. The readmission follows a suspension due to ongoing regulatory issues with the U.S. Securities and Exchange Commission (SEC).
On June 13, Ripple’s legal team filed a Notice of Supplemental Authority in the U.S. District Court for the Southern District of New York. The notice alleged the “unreasonableness” of the SEC’s civil penalty, referencing a $4.5 billion settlement between the SEC and Terraform Labs and its co-founder, Do Kwon.
Meanwhile, Ripple co-founder Sean McBride shared his opinion on the battle between Ripple and the SEC. He has criticized SEC Chairman Gary Gensler, claiming that his primary motive is to act as the “cop on duty” rather than protect investors or advance the digital asset revolution.
XRP Price Movements
XRP oscillates between $0.47 and $0.50, indicating buying near the support level and selling near the resistance. That said, current price dynamics suggest higher reversal potential around the $0.47 mark.
If the price breaks down from the current level or the 20-day EMA ($0.50), it can fall below $0.46.
Still 84% below the all-time high
XRP’s market capitalization currently stands at over $29 billion, with a 104% increase in trading volume over the past 24 hours to $2.3 billion.
Whales holding between 10 and 100 million XRP have shown significant trading activity, suggesting active redistribution of resources. Meanwhile, those holding over a billion XRP have increased their holdings since mid-April, indicating deliberate accumulation.
Market turbulence
Significant liquidations occurred last week as the price of BTC fell below $66,000, resulting in nearly $180 million in leveraged derivatives positions liquidated across crypto assets. This upheaval led to total liquidations of more than $870 million, effectively eliminating excess leverage from the market.
Many analysts had predicted an imminent Bitcoin breakout to new all-time highs, driven by slower inflation and weaker economic data. However, rally attempts quickly sold off, leaving BTC in a sideways trading range.
Source: CoinMarketCap
XRP/BTC has a correlation value of 0.72, which is considered high for altcoins. This means that a correction in the price of BTC will likely impact the price movement of XRP this week. If BTC price rebounds, it could signify a potential buy signal for XRP.
While the price of XRP remains volatile, legal and regulatory outcomes could set precedents affecting other cryptocurrencies. The recent increase in trading volume and whale activity, as well as the latest updates on Sidechain EVMsuggest a potential bullish trend.
Despite ongoing market turmoil and significant liquidations, XRP shows potential for a recovery, supported by recent regulatory filings and strategic market movements.
About the author
Dan Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptocurrencies. Covering a broad spectrum of topics, from fintech startups to artificial intelligence, he provides an in-depth overview of the current state of the cryptocurrency market, along with insights into its potential for future disruption.