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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