Monday, March 4, 2024

XRP Price Takes a Sudden Downturn, Amid Mixed Signals.

Amidst conflicting indications from the price indicators, it appears that the XRP price is losing the mini-upswing it has been experiencing for the past few days. However, Ripple has drawn the interest of the cryptocurrency world due to its surprising association with the US government.

Ripple – A federal contractor
In a job posting on its website, Ripple mentioned that it was a subcontractor or federal contractor. This information was discovered because, in accordance with the legislation, candidates for the available position had to complete a voluntary self-identification of disability form.

Businesses or organisations that sign a contract with any department or agency of the US government are considered federal contractors.

Considering that Ripple has been the most well-known player in the battle against government reprimands for the last three years, this was a rather unexpected finding. The Securities and Exchange Commission (SEC) has been the subject of much information in the company’s legal battle with it. In the process, the SEC changed the classification of XRP from “nonsecurity” to “security when sold to an institutional customer.”

Although Ripple has experience collaborating with law enforcement, there have been reports that the business is looking to increase that level of cooperation. Sendi Young, the head of Ripple’s Europe division, stated that the business was in discussions to create Central Bank Digital Currencies (CBDC) with over a dozen countries worldwide.

The SEC and Ripple are still at odds despite the partial victory in the US; a hearing on the whole SEC vs. Ripple story is scheduled for Q2 of this year.

The price of XRP shows a touch of pessimism.
For the last few days, the price of XRP has been rising on a micro-timescale. The 4-hour chart shows that XRP has been slowly but steadily rising over the past week to recapture a significant resistance level.

This barrier, which is marked at $0.5847, has not been broken in the last 14 days. This resistance level hasn’t been broken in the last ten days, with the exception of one successful breakout that occurred around the time the spot Bitcoin ETF was approved and drove the cryptocurrency over $0.600.

This time around, the barrier held firm, causing a decline beneath the upward trend line. As of this writing, price indicators such as the Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and the Price Index are also displaying a small bearishness. Should this persist, the altcoin may ultimately drop to $0.560.

However, if the altcoin responds to bullish signals in the broader market, a recovery is likely and the upward trend will continue. This would also aid in the price of XRP breaking through the resistance level of $0.587, which, if it were to turn into support, would enable the altcoin to cross $0.600.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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