Despite being the world's eighth most valued cryptocurrency, the market is seeing historic selling pressure, with bears dominating the market amid high institutional adoption of XRP. XRP found support above $0.55 and has been in corrections since then.
Meanwhile, SEC watchdogs are planning a "Trojan Horse" rule to ambush crypto marketplaces. The SEC released an apparently unrelated 654-page proposal last week aimed at regulating "Treasury markets platforms." Pro-crypto Commissioner Hester Peirce, on the other hand, cautions that it is a covert crypto rule. While the plan makes no mention of cryptocurrency, the new guidelines would allow authorities to investigate crypto platforms and even decentralised finance (DeFi) technologies.
RippleNet enables SCB to link with partners all around the world, allowing the bank to provide consumers quick and low-cost cross-border payments via its SCB Easy app, which is powered by Ripple. This service is being extended to corporate customers by the bank.
Key Takeaways (XRPUSD)
- Technically, the SEC proposes to "expand Regulation ATS for alternative trading systems (ATS) that trade government securities, NMS stock, and other securities," "extend Regulation SCI to ATSs that trade government securities," and "amend the SEC regulation addressing the definition of an 'exchange.'"
- There will be a 30-day comment period beginning January 26 for blockchain industry insiders, trading platforms, and other stakeholders to provide feedback on the new SEC-suggested strategy.
- SCB has joined RippleNet, which connects it to a worldwide network of more than 300 linked banking partners across the world. SCB performed over 500,000 transactions on RippleNet in 2020 alone, representing a 335 percent increase in volume year over year. The bank introduced the SCB Easy app, which is based on Ripple and allows clients to send quick, low-cost payments to relatives and friends living outside of Thailand.
Ripple (XRP) Price Analysis
Fear & Greed Index: 33, Fear
All-time High: $3.84
ROI: 11343.57%
24h change: 8.51%
7d change: 8.60%
Market Cap: $32,151,889,886.75
Circulation Supply: 47,832,461,678 XRP
Total Supply: 99,989,769,444 XRP
Weekly Chart Breakdown of XRPUSD
Source: TradingView
Ripple found support above $0.55 and has been consolidating below the falling trendline. At the time of writing, XRP's price is $0.67, right below the falling trendline. A break above $0.70 might push the market towards $0.80. On the other hand, if XRP continues to follow this trendline, XRP's price migh go towards $0.40.
Daily Chart Breakdown of XRPUSD
Source: TradingView
We can see an RSI bearish divergence with the confluence of the falling trendline on the daily timeframe. This could push the market back towards $0.55 support.
4h Chart Breakdown of XRPUSD
Source: TradingView
XRP's price has an RSI bearish divergence on the 4h timeframe as well, with the confluence of daily trendline resistance. The price might test the $0.65 area before any further rally or the continuation of the daily bearish trend.
1 Hour Chart Breakdown of XRPUSD
Source: TradingView
RSI is oversold around 70. We might see a correction towards $0.63 before any further rally. However, a break above $0.70 will be a sign of trend reversal, and we'll look at XRP to go towards $0.80.
Final Thoughts
XRP has recovered significantly during the past two weeks. Investors and the community of Ripple hope for the growth of XRP in 2022.