- XRP price held steady above key support at $0.50 despite a bearish turn of events where the altcoin was dropped off NYDFS greenlist.
- Ripple’s XRP token security status is likely at risk as SEC works on its interlocutory appeal to overturn Judge Torres' ruling.
- XRP price needs to sustain above the August low to climb to its $1.31 bullish target, according to a crypto analyst.
XRP price is above the $0.50 level on Wednesday, a key support for the altcoin in its comeback from the recent decline. While the New York financial regulator dropped Ripple XRP from its “greenlist,” the move failed to dampen the recovery of XRP. Ripple XRP was among one of the assets dropped from the list. While XRP holders and market participants expected a negative impact on the altcoin’s price, the asset continued its recovery and analysts set a target of $1.31 for the cryptocurrency.
Also read: New York financial regulator to set higher standards for token listing, delisting
XRP removed from New York financial regulator’s greenlist
Ripple’s XRP token removal from the NYDFS’s greenlist on Monday turned out to be a non-event for the altcoin. Market participants noted that except Bitcoin, Ethereum and a handful of stablecoins, no other cryptocurrencies feature on the list.
The move by the New York financial regulator comes at a time when the entity is shifting its stance on crypto assets and firms. Early on Monday, the regulator shared guidance asking virtual asset companies to increase transparency and raise their standards for token listing/ delisting.
XRP price held steady above $0.50, despite these moves by the regulator and analysts shared their bullish predictions for the asset.
XRP price eyes $1.31 target, analyst is long XRP
Pseudonymous crypto analyst @Coins_Kid has set a $1.31 target for XRP over the next few months. The analyst’s bullish thesis stands if the altcoin’s price climbs above the August low. A drop below the $0.4227 level could invalidate the analyst’s prediction.
XRP/USDT one-week price chart
Popular crypto analyst behind the X handle @CryptoKaleo told his 596,400 followers that they are long XRP. Kaleo notes that XRP price (USD pair) found support after complete retracement to pre-July ruling levels, while the BTC pair is on the verge of an High Tight Flag (HTF) breakout.
XRP/BTC four-hour price chart
Kaleo’s thesis is that SEC’s track record in 2023 makes it likely that the interlocutory appeal gets denied and XRP price makes a complete recovery. At the time of writing, XRP price is $0.5099 on Binance, the altcoin yielded 1.39% gains on the day.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.