All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- XRP price continues its bearish run as analysts predict a potential fall below the $0.45 support level.
- The ongoing trend is reportedly triggered by the uncertainties surrounding the Ripple vs SEC court case and a recent statement by SEC’s chair Gary Gensler.
XRP reversed a 1.19% loss on Tuesday (June 26) after making a mini move of 0.44% surge to end the day at $0.4761. However, the asset continues a bearish trend as it hovers below the 50-day and 200-day EMAs. Analysts disclose possible scenarios that could play out from this point—a break above the trendlines could hint at a move toward the 50-day EMA, and a breakout from the 50-day EMA could position bulls at a run toward the 200-day EMA.
On the contrary, a break below the $0.47 price point could hint at a potential fall below the $0.45 support level. Based on the current market behavior, XRP may drop below the $0.45 handle and enter the oversold zone. This is evident in the 14-day Relative Strength Index (RSI) indicator, which shows a reading of 39.12. Our review of XRP’s market data also confirms the bearish sentiment as the asset declined by 0.36% in the last 24 hours, 4% in the last seven days, and 9% in the last 30 days to trade at $0.4733.
Investors, however, keep hopes alive as Ripple gains another win on the global stage with the approval of XRP for worldwide money transfer by the VARA of the Dubai Financial Authority. Our investigation reveals that this development could facilitate a significant adoption of XRP. However, the uncertainties surrounding the ongoing SEC v Ripple case and a potential appeal against the Programmatic Sales of XRP ruling could nullify the impact on the market price.
SEC vs Ripple (XRP) Case Heats up, Brad Garlinghouse Responds Strongly to Gary Gensler
Months ago, Crypto News Flash reported that the SEC was pushing the court to impose a $2 billion penalty and an injunction prohibiting XRP sales to institutional investors. Fascinatingly, market participants await the ruling with bated breath to decide whether to open positions or exit.
Amid the backdrop of enforcement actions against crypto-related firms, SEC Chair Gary Gensler recently disclosed at Bloomberg Invest that the American public lacks the proper disclosure from the exchanges as required by law.
There are 15 to 20,000 various tokens and they’re offered in investment contracts, schemes that are investment contracts and you look at it. The American public is not getting the proper disclosure that they are required to get by law…And the intermediaries, in the middle of the market, those so-called exchanges, broker-dealers, and so forth, if they’ve got hundreds of offerings on that platform, think about it, how many of those offerings don’t have some group of entrepreneurs in the middle. It just sort of belies logic.
Responding to this statement, Ripple CEO Brad Garlinghouse dismissed Gensler’s position on “working for the American people.” He also criticized the SEC chair for completely missing the infamous FTX exchange and even warned that he could cause Biden to lose the upcoming presidential election.
Absolute nonsense coming from Gary Gensler today. And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cosied up to SBF), and wasn’t even invited to the DOJ announcement about Binance. If he was really “working for the American people” as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election.
