Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eT
- XRP remains street favourite despite the meltdown
- Technically, the price floor on XRP has a bit of a cushion which is pretty unbreakable.
- SEC commissioner Hester Pierce gives an insight account of SEC’s functioning
XRP stands favourite amidst investors
The crypto markets might have seen a rebound, but no one on the street is still sure where the bottom is. In this downward spiralling market, XRP still holds the favourite tag. A recent social media poll stated XRP taking the top spot amongst other prominent tokens and coins. Out of the 6000 votes received, 70% were in favour of the XRP, although by the time the poll closed, other top projects especially Cardano, EOS, Litecoin, Dash too had taken some liking. With a stellar community support and liking of many, XRP’s fate is now in the hands of SEC, who will decide whether the coin is a security or not.
Apart from social media polls, technically too XRP stands out amongst many other projects. Even though Bitcoin had an amazing 2017, but in percentage terms, the gains were dwarfed by XRP, which rose by a total of 33,493% during the course of the year clearly showing the strength XRP carries. On the downside as well XRP, unlike bitcoin, comes with a bit of a cushion, which was provided by the run-up to the X-rapid release in late September. The chart below shows two strong support zones for XRP. the red line at $0.25 is a strong support for XRP by the yellow line at $0.35 also played a significant role during August and September and so can be seen as a light level of support. Even after this fall, XRP continues to hold the yellow line as support.
“Crypto Mom” SEC commissioner Hester Pierce, gives an insight account of SEC’s functioning
One factor that’s been influencing crypto pricing lately is the outlook from global financial regulators. So, it’s quite important for investors to understand what they’re thinking. While the SEC initially took a hands-off approach to cryptocurrencies, they have been increasingly providing guidance as to how they view the different parts of the crypto space. From enforcement action against ICOs which are deemed unregistered securities to ruling on proposed rule changes to allow the trade of Bitcoin ETPs, it is becoming clearer that just because a project is a cryptocurrency, it can’t sidestep the rules which have been in place for decades.
In a recent interview to Peter McCormack, Commissioner Peirce did present some interesting factors on how SEC functions but was very clear that rules won’t be bent. The detailed podcast and insights could be found here