XRP Price On The Crosshair As Trading Begins On US-Backed Exchange

Christian Encila

1 year ago

3 mins read

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XRP has been listed on Atlantis Exchange, a platform registered with the U.S. Department of the Treasury. This development comes at a time of regulatory uncertainty surrounding cryptocurrencies, with potential implications for market dynamics and investor sentiment.

XRP Trading On Atlantis Exchange

Atlantis Exchange announced the inclusion of XRP among its supported cryptocurrencies, with trading commencing on March 17 at 5:00 AM UTC. Users can trade the altcoin with the USDB trading pair, offering increased liquidity and accessibility for traders.

Despite the listing, the platform currently supports XRP deposits via BNB Chain (BEP20), indicating that integration with the XRP Ledger (XRPL) has yet to be implemented. While deposits have been accepted since March 13, withdrawal options will be available from March 20.

However, concerns have been raised regarding the reliability of Atlantis Exchange, with accusations of scams and difficulties in withdrawing tokens, prompting caution among XRP investors.

Legal Status Of XRP

Recent legal developments regarding XRP’s status as a non-security provide context for its listing on Atlantis Exchange. Following a court ruling against the SEC and recognition by the European Corporate Governance Institute, XRP has gained regulatory clarity, distinguishing it from other cryptocurrencies entangled in legal battles. This clarity may bolster investor confidence in XRP and contribute to its wider adoption in the cryptocurrency market.

Regulatory Challenges For Cryptocurrencies

Beyond XRP, the broader cryptocurrency market faces regulatory challenges, with allegations surfacing about US President Joe Biden’s purported plans to regulate or “destroy” crypto in the United States.

Proposed measures, including a 30% excise tax on digital mining, have raised concerns among industry experts about their potential impact on the sector and investor value. Such regulatory uncertainty underscores the need for caution and vigilance among cryptocurrency stakeholders.

Bitcoin is now trading at $67.708. Chart: TradingView

Expert Opinions And Market Outlook

Experts in the cryptocurrency sector have weighed in on the regulatory landscape, expressing apprehension about the potential consequences of proposed regulatory measures.

Taras Kulyk, the chief executive of mining hardware company SunnySide Digital, warns that implementing a blanket tax on digital mining could “kill the sector” and wipe out billions of dollars of investor value in the U.S. These concerns highlight the delicate balance between regulatory oversight and fostering innovation within the cryptocurrency industry.

The listing of XRP on Atlantis Exchange represents a significant milestone for the cryptocurrency community, offering increased trading opportunities and liquidity for XRP investors. However, concerns about the reliability of Atlantis Exchange and regulatory uncertainty in the broader cryptocurrency market warrant caution among stakeholders.

Market Performance Of XRP

At the time of reporting, data from Coingecko revealed that XRP was trading at $0.60, indicating a decline of 2.6% and 4.2% in the daily and weekly timeframes, respectively. Despite the news of XRP securing a listing on Atlantis Exchange, the altcoin’s price failed to experience a significant uptick, suggesting that the listing announcement had minimal immediate impact on market sentiment.

The lackluster response of XRP’s price to the listing on Atlantis Exchange may be attributed to various factors, including broader market trends, investor sentiment, and regulatory uncertainties.

While the listing on a reputable exchange like Atlantis Exchange could potentially increase liquidity and accessibility for XRP traders, it appears that other market forces may be exerting stronger influence on XRP’s price trajectory.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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