XRP Will Skyrocket After SEC Clarify The XRP Security Status

ripple xrp price analysis

Ripple’s technology can transform the current financial system making it cheaper and more efficient than it currently is. So far, there have been other blockchains that were created to serve a similar purpose as Ripple. However, none of them are as popular as Ripple and XRP, the third largest cryptocurrency per market capitalization. Its solutions can replace the legacy financial system but it is important for banks to cooperate and use the protocol.

Ripple has more potential than the flagship cryptocurrency, Bitcoin. This is because it is faster, cheaper to use and has more use cases than Bitcoin. So far, Ripple’s protocols are being used by only a handful of financial institutions. This is where the challenge lies. Many banks and other institutions are waiting for regulatory clarity from the SEC before they can get into business with Ripple. The last thing they want is to get into trouble with the regulatory watchdogs. This is why SEC’s new decision to issue no-action letters to cryptocurrency projects is going to be a game changer for Ripple and XRP.

Ripple XRP Price Prediction 2019

Shortly after the news about the XRP SEC saga started circulating, the price of XRP surged significantly against the USD and BTC. Unfortunately, it started to sink along with the rest of the cryptocurrency market.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.239
-8.59%

XRP rallied as high as $0.46 after the latest announcement about the XRP SEC saga. In our XRP price analysis at the time, we noted that the price of XRP would most likely hit $0.50 before the bulls run out of steam. Unfortunately, this didn’t happen thanks to the sudden decline in the entire cryptocurrency market. Clarification of the XRP security status is currently one of the key factors standing between XRP and global adoption. If the XRP SEC saga ends, things would improve for Ripple and the XRP price will get a boost.

What do you think about the XRP price prediction 2019 in our XRP news today? Will putting an end to the XRP SEC saga lead to the global adoption of the cryptocurrency? Share your thoughts in the comment section below.

Ripple XRP Price Analysis

ripple trading exchange

A few days ago, a representative of the United States Securities and Exchange Commission, during a conference, said the SEC was considering taking a more friendly approach in dealing with cryptocurrencies that are deemed securities. Since then, the XRP news and Ripple news has mainly been about how this move is going to affect the price of XRP and the future of Ripple. You see the representative said that the SEC is willing to issue several no action letters to cryptocurrency projects that meet with regulatory security standards even if they did not at the time of launch. What this means is that the SEC may not pursue legal action against Ripple if they declare XRP a security. An analyst on NewsBtc has said that getting regulator clarity from the SEC is going to boost the price of XRP.

Ripple price is slowly recovering after testing the $0.3840 support area. XRP could correct further, but sellers are likely to remain active as long as the price is below $0.4250.

The price is facing a lot of hurdles near the $0.4080 and $0.4170 resistance levels.
XRP recovered above a key bearish trend line with resistance at $0.4030 on the 30-minute chart. According to the blockonomi; Ripple price could correct further higher, but the $0.4170 and $0.4250 levels are likely to cap upsides.

If there is a clear break above the $0.4250 level, the price could continue to move higher towards the $0.4400 and $0.4500 levels.

Conversely, if there is a downside break below the $0.4000 support, ripple price could restart a fresh decline in the coming sessions. The next key supports for the bulls are $0.3840 and $0.3800.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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