XRP Price in the Spotlight Following US SEC’s Crypto Regulatory Tone-Down
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Coinspeaker XRP Price in the Spotlight Following US SEC’s Crypto Regulatory Tone-Down The United States government led by President Joe Biden has significantly changed its stance on the altcoin industry, led by Ethereum (ETH price data) and Ripple-backed XRP (XRP price data), ahead of this year’s elections. The US political class has continued to take advantage of the well-organized crypto investors, amounting to over 50 million American voters, to persuade support in the upcoming elections. As Coinspeaker reported, the US SEC has closed its investigations into Ethereum, thus signaling the spot Ether ETFs being listed as a commodity. The move by the US SEC to drop investigations against Ethereum has raised hopes for similar results for the ongoing Ripple case. Moreover, the US SEC recently informed the court to fine Ripple $102.6 million for violating securities laws in the XRP sales to institutional investors. The SEC vs Ripple case has given XRP much-needed legal clarity in the United States after Judge Analisa Torres ruled that exchange sales do not violate any securities laws. According to a popular crypto researcher, Bill Morgan, the closure of the Ethereum investigations and the inevitable Ripple settlement is a clear indication of the agency’s arbitrary policies on crypto. Consequently, data analytics firm CryptoQuant has observed a notable spike in XRP’s Open Interest. The notable spike in XRP’s Open Interest has coincided with the recent bullish sentiment, and heightened daily traded volume. $XRP in the Spotlight “This trend suggests that as open interest rises alongside price, investors are opening more positions with the expectation of #XRP‘s price increase.” – By @Woo_Minkyu Read more 👇https://t.co/3LdIia5Mpa — CryptoQuant.com (@cryptoquant_com) June 19, 2024 Market Picture Ripple has continued to build the necessary infrastructure to ensure mass adoption for XRP and its blockchain payment products. The company received unwavering support…
Filed under: News - @ June 19, 2024 5:28 pm