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- The reintroduction of XRP by Blockchain.com is strategic, leveraging the platform’s massive user base and significant industry influence.
- XRP, currently trading at $0.60, faces fluctuations influenced by whale selling. Positive price signals, including maintaining levels above key moving averages, suggest potential upward movement.
Blockchain.com, a prominent crypto exchange and wallet provider with over 37 million verified users, has reintroduced XRP to its platform after a federal court ruled that the cryptocurrency is not a security, refuting the SEC’s claims. This move by Blockchain.com marks a significant development, as the New York federal court’s decision earlier pronounced XRP as non-security.
In a recent tweet, Blockchain.com highlighted that its wallet now supports XRP, making it the fifth-largest cryptocurrency to be added to the platform’s array of supported digital assets. This decision comes months after several crypto startups, including Blockchain.com, initially delisted XRP following the SEC’s charges against Ripple for allegedly offering XRP as an unregistered security.
FYI Ripple (#XRP) is now live in your https://t.co/0DZyULavbV Wallet 🌐 👀
Get it here https://t.co/lqvfcsTWBU pic.twitter.com/xPcXGVmgOj
— Blockchain.com (@blockchain) December 11, 2023
With the legal clarification from the federal court, various crypto platforms, such as Blockchain.Com, Coinbase, and Binance.US, are reconsidering their stance and opting to relist XRP.
Blockchain.com’s reintroduction of XRP is a strategic move for the crypto asset, leveraging the platform’s significant influence in the industry. The company boasts a massive user base, claiming over 37 million verified users and creating 80 million wallets since its inception.
Notably, Blockchain.com has facilitated over $1 trillion worth of crypto transactions, according to CoinMarketCap. As of the latest data, the platform supports 31 crypto assets, including BTC, ETH, XLM, LTC, XRP, and SOL, offering a total of 60 trading pairs.
XRP Price Action
Meanwhile, XRP’s price was marginally down by 3.12% in the last 24 hours, trading at $0.60, amid heavy whale selling. Despite remaining around the $0.6 level for the past month, recent bullish predictions by Google Bard have sparked optimism among XRP investors. Google Bard forecasts a potential surge to $38.5 for XRP if Bitcoin reaches the projected price of $100,000 post-halving.
XRP has maintained its position above both the 50-day and 200-day Exponential Moving Averages (EMAs), signaling positive price momentum. A potential breakthrough above the resistance level at $0.6354 could pave the way for an upward movement toward the $0.7047 resistance level.
Ongoing developments related to the SEC v Crypto case, comments from US lawmakers, and SEC activities continue to be key factors influencing market sentiment. However, a decline below the 50-day EMA might bring the $0.5835 support level into consideration.
The 14-day Relative Strength Index (RSI) reading stands at 46.02, suggesting a potential decline to the $0.5835 support level before entering oversold territory.
Ripple vs SEC
On Tuesday, there were no updates on the SEC versus Ripple legal case for investors. The case entered its final stage in November, with the discovery process related to remedies scheduled to conclude on February 12, 2024.
During the discovery process, Ripple aims to mitigate the impact of the alleged $770 million in XRP sales to institutional investors, while the SEC seeks avenues for punitive disgorgement. Given the high stakes involved, the chances of a settlement before February appear slim.
The absence of progress in settling prolongs the possibility of an SEC appeal regarding the Programmatic Sales of XRP ruling.
