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XRP Price Nudges Higher Defying Odds After NYDFS Exit
XRP price has been in the green over recent trading sessions, holding above the crucial level of $0.50 despite being dropped from the NYDF’s greenlist. The digital asset has jumped by more than 7% over the past week but remains 4.30% lower in the month to date. Even so, XRP has climbed by 52% in the year to date. The asset’s total market cap has increased to $27 billion, ranking it 5th in the crypto market, while the total volume of XRP traded over the last day rose by 8%.
Regulatory Scrutiny
Like most cryptocurrencies that have been on an upward trajectory for the past few days after a period of stagnation that culminated with a significant dip, XRP price has been in the green over the period in tandem with general market movements.
The removal of Ripple’s XRP token from the NYDFS’s green list on Monday failed to dampen the recovery of XRP. While market participants and XRP holders expected a negative impact on the asset’s price, the event turned out to be a non-issue for the altcoin as it continued its recovery. The New York Department of Financial Services (NYDFS), recently outlined updates to its digital oversight regulations.
Among the changes, the financial regulator introduced new criteria for digital asset firms licensed by the agency to list various cryptocurrencies. According to a report, the NYDFS removed more than two dozen tokens from its green checklist of approved tokens. Among the tokens eliminated include, XRP, Dogecoin, and Litecoin.
The move by the New York regulator comes at a time when the XRP token is likely at risk as the US Securities and Exchange Commission works on its interlocutory appeal to overturn Judge Torres’ ruling. Earlier in July, Judge Torres ruled that Ripple’s XRP token was only considered a security when sold to institutional investors. The ruling granted Ripple Labs a landmark win against the SEC lawsuit it had been battling for more than 3 years.
XRP Price Technical Analysis
The daily chart shows that the XRP price has been on a bullish trajectory for the past few days despite regulatory concerns. At the time of writing, the XRP price was changing hands at $0.5179, posting an increase of 0.80% for the day, while shedding some of the losses made in last month. Even so, the digital currency remains slightly below the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has edged higher into the neutral zone, pointing at an increase in buying pressure.
Therefore, the outlook for the XRP price in the short term is likely to be bullish but remains uncertain in the long term. A move above the immediate resistance level of $0.5290 might pave the way for further increases to $0.5675. However, a drop below the crucial support level of $0.500 will invalidate the cautiously bullish thesis.
XRP Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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