[코인리더스] Ripple (XRP),’Bitcoin Market and SEC Litigation’ Variables Increased Volatility

The popular cryptocurrency Ripple (XRP) has again recovered its psychological support line of $0.50 over the past 24 hours. Considering that the cryptocurrency leader Bitcoin (BTC) is showing a weak trend, and it is a pre-lawsuit with the US Securities and Exchange Commission (SEC), it is in its own right.

As of 10 am on the 26th (Korean time), the market cap of the 7th largest cryptocurrency Ripple (XRP) in CoinMarket Cap is recording about $0.5321, up 7.86% from the previous 24 hours.

The price of Ripple tokens has fluctuated from the $0.50 level over the past few days, indicating a roller coaster market. The previous day, Ripple was pushed to the $0.47 level, but it surged right away, making up for the $0.53 level.

Eventually, the volatility market is expected to continue until the results of the trial between Reflaps and the SEC are in progress.

Regarding the trial, the cryptocurrency specialist You2day said, “The US local court approved a request for the submission of documents related to Bitcoin (BTC) and Ethereum (ETH) to Ripple’s SEC.”

This requires the SEC to submit a document to the court that contains the reasons for determining Bitcoin and Ethereum as non-securities. In addition, the court required the SEC to submit data, including records of internal communications related to Ripple.

Regarding the Ripple price outlook, Yahoo Finance said, “Over the next few weeks, the XRP price direction will depend on whether Bitcoin can withstand the recent storm and maintain support for more than $50,000 after a dramatic slip from its all-time high of $62,000. “Especially if bitcoin plunges deeper before the expiration of this month’s quarterly option, XRP is expected to feel pain, such as a downward target starting to appear at the 200-day exponential moving average (EMA), which is currently $0.38.”

Meanwhile, David Schwartz, Chief Technology Officer of Ripple, accused the U.S. government of unclear regulations on cryptocurrency, according to the Daily Hos, a cryptocurrency media.

“The U.S. government’s approach to emerging industries is approaching fear for those trying to build something new,” he said. “The U.S. government continues to create an unfriendly environment for the blockchain and cryptocurrency industry. If a company driven to a cliff moves its business overseas, the US will eventually fall behind.”