The swirling cosmos of cryptocurrencies has lately had its focus honed on Ripple’s XRP, one of the giants of the crypto world currently sitting pretty as the fifth-largest by market capitalization. Tantalizingly close to breaking the $0.50 mark, XRP’s trading cost per unit is unfortunately marked by a marginal dip of 0.50% in the day’s trading, though it still reflects a robust market cap of $26 billion.
Critically, the courts handed down a judgement recently that engendered enthusiasm in XRP supporters – the Torres Ruling. This piece of legislature provides a much-needed shot-in-the-arm for XRP, although some pundits, such as Bill Morgan, warned that the ruling is not fully comprehensive and leaves some of Ripple’s maneuvers, specifically with XRP, in a somewhat unclear light.
The court battles surrounding Ripple Labs saw a development on July 13, 2023, instigated by the SEC against Ripple Labs, Bradley Garlinghouse, and Christian A. Larsen (All involved in Ripple) who were allegedly selling XRP as unregistered securities. Highlights from the court’s nuanced decisions emphasized that XRP sales didn’t meet the criteria of investment contracts under the Howey Test, hence, XRP cannot be wholly considered a viable investment contract.
Yet, that did not assuage all concerns. Morgan, addressing his audience on the social media platform X, noted that despite the Torres ruling, the regulatory future for Ripple and XRP remains hazy. The primary focus of Ripple is to prioritize shareholders and customers over XRP holders. The SEC’s appeals leave the unicorn crypto company in what can be termed a ‘regulatory grey area’.
Analyzing the XRP/USD technicals, a significant resistance level is the $0.5040 level. A resistance which has been consistently present over the past few weeks. On the flip side, support is likely to come around the $0.4935 level.
On to other matters, the ever-enterprising world of cryptocurrency enthusiasts seem to be diversifying their interests as indicated by Wall Street Memes’ $WSM foray into the sector. The power of memes has galvanized investors into action, with the $WSM pre-launch grabbing considerable attention, to the tune of $300,000 on its debut day. This eager voicing of monetary support has seen $WSM rise to an impressive market cap of $25 million.
In conclusion, the rollercoaster ride of Ripple’s XRP and the burst onto the scene by $WSM, have once again highlighted the ever-evolving nature of the cryptocurrency landscape, further fostering its allure as being the most thrilling investment avenue of the 21st century. However, it behooves us to remember that while the rewards can be astronomical, the inherent risks in the crypto sector are equally high. Always tread with cautious optimism when you venture on to this digital frontier.
Source: Cryptonews
