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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

XRP Market Hype Fading, But Who Stands To Gain From Positive Long-Term Effects?

Reynaldo Marquez
Reynaldo Marquez
Last Updated: July 18, 2023 12:00 am
2 mins read
XRP XRPUSDT Ripple

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XRP and the crypto market have been experiencing sideways price action over today’s trading session but remain in the green after last week’s events. While Bitcoin and Ethereum barely saw profits, the altcoins sector bloomed and seems poised to gain further.

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As of this writing, XRP trades at $0.75 after recording a rally that propelled 60% up almost in a single trading session. The token rose from the low at around $0.40 and dominates the nascent sector with the potential to keep trending to the upside.

Ripple XRP XRPUSDT
XRP’s price trends to the upside on the daily chart. Source: XRPUSDT Tradingview

XRP’s Victory Could Save The Altcoin Sector

As NewsBTC reported, XRP rallied following the ruling in the Ripple v. the U.S. Securities and Exchange Commission (SEC), which claimed retail sales of the token are not securities or investment contracts in this country. The crypto market saw positive price action soon after.

However, the rally is losing steam and could stall. According to a report from the trading desk of QCP Capital, the ruling was “unexpected” despite the case being one of the most prominent for the nascent asset class.

The news supported the positive reaction as it was the first time a crypto-based company had defeated the SEC and removed uncertainty around the classification of an asset in the United States. QCP Capital believes that the regulator will appeal against the judge’s decision.

This process could take more years. In the meantime, XRP and the sale of any other token previously jeopardized by the SEC stand to benefit.

For XRP, the rally has represented a 60% move upwards with the potential to revisit 2021 highs north of the $1 mark, for other major cryptocurrencies, such as Ethereum (ETH), another token in danger of being attacked by the SEC, the positive action could drive its price to $2,140 to the “major resistance zone” of $2,300.

XRP XRPUSDT Ethereum ETH ETHUSDT
ETH’s price is likely to revisit the low area of around $2,000? Source: QCP Capital

The run could turn even more parabolic, hitting around $3,000, if XRP can push the crypto market higher. But the chances of such a move are unlikely. According to QCP Capital:

(…) after the initial short squeeze last week ran into the first long-term supply zone, we expect prices to trend upwards in a more measured fashion.

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Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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