- Ripple and SEC in regular talks over XRP’s regulatory status
- Ripple Price Analysis – XRP delines as it lacks buyers at Critical support level
Ripple appears to be showing concerns on its regulatory status as the San-Francisco based company is always in meetings with SEC on the issue. In the crypto sphere in general, the most prevalent regulatory issue is whether a digital asset has legal standing or not. Also whether a digital asset is a commodity or security hangs on how much it is regulated.
XRP (XRP) Price Today – XRP / USD
Ripple News Update – so far the status of Ripple’s native token XRP is still anonymous. It is yet unknown if XRP is a commodity or security. The U.S regulators have considered both BTC and ETH as commodities. To facilitate the decision-making process, an affiliated company with XRP known as Ripple Labs is working earnestly on the issue. The Chairman of the Commodity Futures Trading Commission (CFTC) Heath Tabert spoke on the regulatory status of XRP coin in an interview with Cheddar. Also, the CEO of Ripple shared his thought on Ripple’s regulatory status.
While in an event held in Switzerland, Garlinghouse stated that they are in dialogues with SEC for a while now. He added that educating the regulators is a “really constructive process”. He went thus:
“We’ve been working closely with the SEC over the last year or so to think about which falls in what box because I think if I hear anything from market participants it’s that we need clarity. That without clarity it’s really difficult to figure out how these will eventually be regulated.”
Mike Dudas the CEO of The Block has given two presentations so far that implies that XRP coin is a security. The presentations provided several posts and comments from Ripple. Among the Ripple executives’ comments are:
“the company created XRP, and that the company and its agents are selling the asset above the need for profit”.
Ripple Price Analysis – XRP delines as it lacks buyers at Critical support level
Ripple Latest Update – XRP coin declined abruptly from $0.23 to $0.21 briefly after the bulls failed to protect the critical support level. Previously, XRP coin was ranging over $0.23 because of the failure of the bulls to endure above $0.25.
Currently, XRP coin has declined to $0.21 again because of a lack of buyers at the critical support level. It is unsure if the recent price decline has ended. The market is still trading on a downward trend. The XRP price decline might likely get to the low of $0.20 because the bears have broken below the exponential moving average.
Ripple News Update – Projections are that the XRP price will hold at the $0.20 support level. If this happens, the bulls will try to drive the XRP price over the EMAs because the market will continue to decline, once the XRP price is below the EMAs. However, if the $0.20 support level breaks, XRP price will decline to a low of $0.18.