{"id":15530,"date":"2023-01-07T05:53:54","date_gmt":"2023-01-07T09:53:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15530"},"modified":"2023-01-07T05:53:54","modified_gmt":"2023-01-07T09:53:54","slug":"xrp-spikes-2-in-past-24-hours-despite-recent-bearish-developments","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/07\/xrp-spikes-2-in-past-24-hours-despite-recent-bearish-developments\/","title":{"rendered":"XRP Spikes 2% In Past 24 Hours Despite Recent Bearish Developments"},"content":{"rendered":"

Ripple has been locked<\/a> in a bitter court battle with the U.S. Securities and Exchange Commission regarding whether XRP should be classified as a security or not.<\/p>\n

Ripple\u2019s CEO, Brad Garlinghouse<\/a>, recently tweeted about him being optimistic but cautious of what 2023 brings in terms of regulations.<\/p>\n

Because of this, XRP has been trading sideways, a movement not altered since FTX\u2019s collapse<\/a>. Adding to the downward pressure is the significant whale activity on the market. According to Whale Alert<\/a>, whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million<\/a>.\u00a0<\/p>\n

However, the market seems bullish despite recent bearish developments as XRP, as of writing, went up by 2%<\/a> in the past 24 hours. XRP<\/a> is currently trading at $0.3435, down 0.5% in the last seven days, data by Coingecko shows.<\/p>\n

Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why\u2026<\/p>\n

\u2014 Brad Garlinghouse (@bgarlinghouse) January 3, 2023<\/a><\/p>\n

What XRP\u2019s Case Mean For Crypto And Its Price<\/strong><\/h2>\n

The day the SEC filed the complaint, December 21, 2020, XRP fell by 67.13% on the charts. However, December 5 proved to be a day XRP holders should rejoice. According to a report<\/a>,\u00a0the SEC failed to satisfy the three elements of the Howey Test<\/a> which determines whether the asset is a security or not.\u00a0<\/p>\n

This is a big win not just for Ripple but for the entire crypto industry as this would legitimize crypto\u2019s place in the financial space. With the company and community hopeful for a win, Ripple released to escrow over 55% of XRP\u2019s total supply out of which is a billion XRP.\u00a0<\/p>\n\n

Although the market is very hopeful for a win, Garlinghouse\u2019s statement<\/a> shows a very mixed sentiment about what 2023 will bring for the company and for the world of crypto. <\/p>\n

But he is very clear on what could \u2013 or better yet, should \u2013 happen this year; break the status quo in the current U.S. legislation about what crypto should and shouldn\u2019t be or America will lose its innovation leader status.\u00a0<\/p>\n

Investors Should Watch Out For This\u2026<\/strong><\/h2>\n

Currently, the sideways market movement could be broken in the next few weeks. As of writing, investors and traders of the token are pushing the price up to test the $0.3680 price resistance range.\u00a0<\/p>\n

With low correlation with Bitcoin and Ethereum, it might only be slightly dampened by bad macroeconomics as recession fears<\/a> grow.\u00a0<\/p>\n

Crypto market FUD (fear, uncertainty and doubt), however, might become a problem. As of now, two events are sending negative signals to investors of crypto. First is Huobi\u2019s decision<\/a> to lay-off 20% of its workers, and the second is the Genesis-DCG fiasco<\/a>.\u00a0<\/p>\n

Any negative developments here might affect XRP\u2019s ability to test its current resistance range. As the situation develops, investors and traders should capitalize on the token\u2019s current bullish momentum.\u00a0\u00a0<\/p>\n

-Featured Image: The Daily Hodl<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ripple has been locked<\/a> in a bitter court battle with the U.S. Securities and Exchange Commission regarding whether XRP should be classified as a security or not.<\/p>\n

Ripple\u2019s CEO, Brad Garlinghouse<\/a>, recently tweeted about him being optimistic but cautious of what 2023 brings in terms of regulations.<\/p>\n

Because of this, XRP has been trading sideways, a movement not altered since FTX\u2019s collapse<\/a>. Adding to the downward pressure is the significant whale activity on the market. According to Whale Alert<\/a>, whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million<\/a>.\u00a0<\/p>\n

However, the market seems bullish despite recent bearish developments as XRP, as of writing, went up by 2%<\/a> in the past 24 hours. XRP<\/a> is currently trading at $0.3435, down 0.5% in the last seven days, data by Coingecko shows.<\/p>\n

Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why\u2026<\/p>\n

\u2014 Brad Garlinghouse (@bgarlinghouse) January 3, 2023<\/a><\/p>\n

What XRP\u2019s Case Mean For Crypto And Its Price<\/strong><\/h2>\n

The day the SEC filed the complaint, December 21, 2020, XRP fell by 67.13% on the charts. However, December 5 proved to be a day XRP holders should rejoice. According to a report<\/a>,\u00a0the SEC failed to satisfy the three elements of the Howey Test<\/a> which determines whether the asset is a security or not.\u00a0<\/p>\n

This is a big win not just for Ripple but for the entire crypto industry as this would legitimize crypto\u2019s place in the financial space. With the company and community hopeful for a win, Ripple released to escrow over 55% of XRP\u2019s total supply out of which is a billion XRP.\u00a0<\/p>\n

Although the market is very hopeful for a win, Garlinghouse\u2019s statement<\/a> shows a very mixed sentiment about what 2023 will bring for the company and for the world of crypto. <\/p>\n

But he is very clear on what could \u2013 or better yet, should \u2013 happen this year; break the status quo in the current U.S. legislation about what crypto should and shouldn\u2019t be or America will lose its innovation leader status.\u00a0<\/p>\n

Investors Should Watch Out For This\u2026<\/strong><\/h2>\n

Currently, the sideways market movement could be broken in the next few weeks. As of writing, investors and traders of the token are pushing the price up to test the $0.3680 price resistance range.\u00a0<\/p>\n

With low correlation with Bitcoin and Ethereum, it might only be slightly dampened by bad macroeconomics as recession fears<\/a> grow.\u00a0<\/p>\n

Crypto market FUD (fear, uncertainty and doubt), however, might become a problem. As of now, two events are sending negative signals to investors of crypto. First is Huobi\u2019s decision<\/a> to lay-off 20% of its workers, and the second is the Genesis-DCG fiasco<\/a>.\u00a0<\/p>\n

Any negative developments here might affect XRP\u2019s ability to test its current resistance range. As the situation develops, investors and traders should capitalize on the token\u2019s current bullish momentum.\u00a0\u00a0<\/p>\n

-Featured Image: The Daily Hodl<\/em><\/p>\n

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