Ripple Technical Analysis / Crypto Market Analysis

Ripple SEC Challenges – November-3-2023

Cryptocurrencies News – Over the last five years, the value of XRP has increased by 33%. This is surprising because Ripple, the company behind XRP, is dealing with legal issues. These problems come from the Ripple SEC (U.S. Securities and Exchange Commission) situation. Even with these hard times, XRP is doing well. It’s being used to send money across borders and swap different kinds of money.

Ripple SEC Challenges

Bloomberg—Ripple has been fighting the SEC in court. The SEC said Ripple sold XRP in a way that broke the rules. But Ripple’s leaders, Brad Garlinghouse and Chris Larson, said XRP is not a security but a currency. They won in court in New York, which made the SEC take back their lawsuit. Still, the SEC wants Ripple to pay $770 million for not following the law.

The XRP price feels the effects of these court fights. It also follows the changes in Bitcoin’s price, often leading the way for smaller cryptocurrencies. If big companies like BlackRock or Grayscale get approval for a Bitcoin ETF, it could also help XRP’s price.

The Future of XRP

What the SEC’s boss, Gary Gensler, thinks about crypto could change the future for XRP and other similar coins. Even though big banks once thought about using XRP, it’s not widely used. Back in October 2018, XRP’s price was $0.45. The government is now watching the market for coins like XRP more closely. Despite these hurdles, Ripple still supports XRP and works to keep its place in the market.