HUGE RIPPLE XRP UPDATE! XRP OFFICIALLY RELISTED!
PLUS LIST OF TECHNICAL CRYPTO ANALYSTS I XRP NEWS TODAY
A Japanese crypto exchanges appears to have reinstated XRP cryptocurrency trades on its
platform in the midst of the Securities and Exchange Commission (SEC) lawsuit against
Ripple. Today we are going to talk all about the Relisting
of XRP on different exchanges and also talk about the technical analysis of XRP.
So, watch the video till the end because today’s video is going to be the bomb. Welcome to
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Before we get to our topic, let’s take a look at the chart and see what the price of
XRP is doing on 1st of October, shall we? XRP price seems to have bottomed around $0.88
as it kick-starts an uptrend.
This climb is mainly driven by the sudden bullishness after
the crash due to China’s crackdown. Investors can expect Ripple to encounter the first hurdle
at 50% Fibonacci retracement level at $0.966. Clearing this blockade will open the path
for a retest of the $1 psychological barrier. While this ceiling was significant support
from September as the price tested it nearly five times before the bears pushed through
it on September 20, therefore, going forward, it will require a massive burst in buying
pressure to shatter it. Assuming the bulls slice through $1, there
is a chance the rally will extend to $1.135 and $1.236. This ascent from the current position
to $1.236 would constitute a 35% ascent. The buyers must push through the $1 barrier,
and failing to do so will indicate a sign of weakness. Any surge in selling pressure
could knock the remittance token down to the 62% Fibonacci retracement level at $0.856.
If this support floor is breached, it will create a lower low, invalidating the bullish
The platform was first launched in 2012 and
Ripple is a distributed open-source protocol and remittance system created by United States-based
Ripple Labs. The company provides cross-border payment solutions through domestic partnerships
or by offering RippleNet services. At one point, XRP price was trading above
$2, but the ongoing multi-year lawsuit between Ripple and the U.S. Securities and Exchange
Commission (SEC) is one factor that has placed persistent downward pressure on both its price
and investors' appetites.
Now let’s get back to the topic.
This is a huge gain and victory for XRP holders, who, after a court win by Ripple, took it
upon themselves to popularize the “#RelistXRP” on Twitter.
Reports from Blockchain.News revealed that an SEC lawyer responding to Magistrate Judge
Sarah Netburn implied that cryptocurrency exchanges were not in violation of securities
laws by listing XRP. Sought for clarification, the lawyer was quoted
in saying that “only Ripple and affiliates of Ripple can have sold XRP illegally.”
This led to the uproar in the XRP community and the call for exchanges to relist XRP.
As it appears, XRP services have been re-launched by Decurret, one of the biggest cryptocurrency
exchanges in Japan, on its platform. The digital currency is now available for
trade, with the Japanese Yen and Bitcoin (BTC) being announced as trading pair options.
Regardless of the lawsuit, the crypto platform has continued to trade XRP tokens. This might
prompt many to consider relisting XRP especially if there is an assurance that exchanges won’t
have any violations of the SEC laws.
Crypto won’t have SEC laws violations
In continuing the story, Blockchain.news cited the statement of Atty. Jeremy Hogan analyzed
the hearing between Ripple and the SEC. He said that “Exchanges that delisted XRP
two months ago were not and would not be violating securities laws if they relisted XRP for sale
and began to sell it again.” The statement was a response to the earlier statement from
the unnamed SEC lawyer. Last December 2020, SEC moved to sue Ripple
Labs and its lead executives Brad Garlinghouse and Chris Larsen for offering unregulated
and unregistered digital asset securities through XRP.
As a result, out of fear, many
exchanges withdrew their support of the cryptocurrency. Coinbase quashes rumor about XRP listing
Smaller cryptocurrency exchanges have started relisting XRP, and many will potentially follow
suit. The established giants such as Coinbase, Binance, and Kraken showed little interest
in adding the crypto asset. Coinbase, for one, was caught up in its own tussle with
the US Securities and Exchange Commission. After a minor glitch that showed XRP on its
professional trading platform, the Nasdaq listed exchange refuted relisting rumors,
much to the disappointment of many in the community.
Kraken’s Jesse Powell had previously sided with Coinbase’s Brian Armstrong over the
exchange’s tensions with the SEC, wherein he had stated that the “regulators are beating
down good actors because it’s convenient.” However, the exec made no such comments for
ending the suspension of XRP on his platform.
Binance, on the other hand, has been engulfed
in regulatory hurdles across the world. Hence, relisting the token will be a controversial
move that could open new problems with the watchdogs in the US.
Ripple ( XRP) is also listed by the TAOTAO crypto exchange of Japan. And the launching
of the XRP token took place on 22 September at 16:00 local time in Japan.
Trading of XRP will remain available in Pairs with Bitcoin, Ethereum, Litecoin and Bitcoin
Cash. Ripple company, right now, facing huge issues
by the US regulators. In December 2021, Securities and Exchange Commission filed a lawsuit against
Ripple and also ordered all the crypto exchanges of the United States to halt the trading of
XRP tokens. Probably it will be good news for the XRP token to show his influence in
Japan. The XRP community has been highly involved
with the legal battle between Ripple Labs and the SEC. With initiatives from lawyers
such as John Deaton, they have organized, signed petitions, and attended the sessions
in court. According to Deaton over 16,000 XRP holders
filed for a motion to be represented as a legal party during the trial.
The lawyer has
shared statements from U.S. regulators, such as the Commodity and Futures Trading Commission
represented by Commissioner Dawn Stump, and other entities, such the Chamber of Digital
Commerce to prove that the lawsuit’s outcome could be vital for the entire crypto industry.
On April 16, 2021, Commissioner Stump said that the question of whether XRP is a security
could be “crucial”. Comparing some “similarities” between XRP and Bitcoin (BTC), Stump said
the former’s background, the fact that it was supported by a private company and its
initial sale prompted the SEC’s lawsuit.
The Commissioner added:
I am watching the outcome of this case closely because it will help to establish the scope
of the SEC’s authority in the digital assets space. Other projects in the crypto space could meet
the same criteria used by the SEC in the XRP case. Therefore, many experts have speculated
on the possibility of future lawsuits, especially in the DeFi Sector, if XRP is declared a security.
The case is barely in its discovery phase and its result seems far from clear, at the
time of recording. That’s all for today.
In the End, we would like to mention that this is not a channel intended specifically
to provide financial advice, and we do not ask you to invest in any company. This is
merely a channel directed towards bringing educational content to your doorsteps. With
that in mind, before you invest in anything, we recommend you do thorough wide-spectrum
research on the topic. Well, that's it for today's video, guys.
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