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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

XRP Spikes 2% In Past 24 Hours Despite Recent Bearish Developments

Christian Encila
Christian Encila
2 years ago
4 mins read
XRP

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Ripple has been locked in a bitter court battle with the U.S. Securities and Exchange Commission regarding whether XRP should be classified as a security or not.

Ripple’s CEO, Brad Garlinghouse, recently tweeted about him being optimistic but cautious of what 2023 brings in terms of regulations.

Because of this, XRP has been trading sideways, a movement not altered since FTX’s collapse. Adding to the downward pressure is the significant whale activity on the market. According to Whale Alert, whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million. 

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However, the market seems bullish despite recent bearish developments as XRP, as of writing, went up by 2% in the past 24 hours. XRP is currently trading at $0.3435, down 0.5% in the last seven days, data by Coingecko shows.

Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…

— Brad Garlinghouse (@bgarlinghouse) January 3, 2023

What XRP’s Case Mean For Crypto And Its Price

The day the SEC filed the complaint, December 21, 2020, XRP fell by 67.13% on the charts. However, December 5 proved to be a day XRP holders should rejoice. According to a report, the SEC failed to satisfy the three elements of the Howey Test which determines whether the asset is a security or not. 

This is a big win not just for Ripple but for the entire crypto industry as this would legitimize crypto’s place in the financial space. With the company and community hopeful for a win, Ripple released to escrow over 55% of XRP’s total supply out of which is a billion XRP. 

Although the market is very hopeful for a win, Garlinghouse’s statement shows a very mixed sentiment about what 2023 will bring for the company and for the world of crypto.

But he is very clear on what could – or better yet, should – happen this year; break the status quo in the current U.S. legislation about what crypto should and shouldn’t be or America will lose its innovation leader status. 

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XRP total market cap at $17.3 billion on the daily chart | Chart: TradingView.com

Investors Should Watch Out For This…

Currently, the sideways market movement could be broken in the next few weeks. As of writing, investors and traders of the token are pushing the price up to test the $0.3680 price resistance range. 

With low correlation with Bitcoin and Ethereum, it might only be slightly dampened by bad macroeconomics as recession fears grow. 

Crypto market FUD (fear, uncertainty and doubt), however, might become a problem. As of now, two events are sending negative signals to investors of crypto. First is Huobi’s decision to lay-off 20% of its workers, and the second is the Genesis-DCG fiasco. 

Any negative developments here might affect XRP’s ability to test its current resistance range. As the situation develops, investors and traders should capitalize on the token’s current bullish momentum.  

-Featured Image: The Daily Hodl

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Christian Encila
Christian Encila

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.

Read more

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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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

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