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Ripple willing to settle with SEC? Brad Garlinghouse drops hints

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Ripple’s fallout with the Securities and Exchange Commission [SEC] of the US has been a major highlight of the year. The SEC blatantly suggested that Ripple had engaged in the sale of unregistered securities i.e., XRP. Despite multiple efforts of the crypto platform, the SEC was adamant about its decision of slapping the platform with a lawsuit. While both the parties had previously made it clear that there were no chances of a settlement, the platform’s CEO Brad Garlinghouse went on to suggest that there could be a possibility of settlement. However, this could be possible only on a condition.

Despite garnering support from regulators across the globe, Ripple failed to convince the SEC that XRP wasn’t a security. Financial watchdogs from all around the world had released statements that XRP did not belong to the securities category, but SEC prolonged the lawsuit.

Over the last couple of months, during the course of the case, an array of things came to light. SEC went on to garner immense hate from people across the globe for being hostile towards XRP. While several exchanges had dropped support for the coin, “RelistXRP” surfaced on the internet.

As this case persists, Brad Garlinghouse, in a recent interview with Fox Business revealed that the platform was ready to settle. However, “absolute certainty” about XRP was needed.

Ripple vs. SEC

In his latest interview, Garlinghouse noted that he needed nothing more than certainty surrounding XRP. He stated,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on the go-forward basis.”

He believed that Ripple has a definite sight of how XRP could be employed as a “powerful tool.”

Garlinghouse has time and again expressed his angst over the lack of regulatory clarity in the US. The CEO even suggested that the US had traversed from “lack of regulatory clarity to regulatory chaos.”

Additionally, speaking about regulations, Garlinghouse suggested that the crypto industry was regulated. But, the SEC possibly wants more power over the market, he added.

XRP Stumbles Hard as Bear Rips Through Market; Multiple Alts See Double-Digit Dips

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The new week opened with a bear crunch as the cryptocurrency market saw almost all of its September gains being wiped off. As Bitcoin plummeted on Monday, the altcoin market followed suit. XRP was one of the biggest losers on the charts with the cryptocurrency dropping to 7th place.

At press time, XRP was trading for $0.91 after a 13.6 percent dip ripped through the market. The double-digit gains were also reflected in the 13.8 percent weekly price dip. XRP’s price action was similar to a lot of other alts which witnessed vertical crashes. The wipeout caused the market cap to fall to $42.5 billion, a significant 8 billion lower than Binance Coin.

XRP 1 hour:

XRP’s immediate support fell to 0.91 after maintaining a steady price action for the past 14-days. The avalanche was triggered by the formation of two massive red candles following which the support stood no chance.

Bollinger bands: The lower Bollinger band crashed towards the bottom of the graph as the cloud opened up. Losing the price hold can lead to further crunches in the market share.

Relative Strength Index: The RSI fell below the oversold zone, a sign of the depleting number of HODLers. According to the indicator, a large sell-off occurred right as the price broke immediate support.

Chaikin Money Flow: Understandably, the CMF curved below the zero lines. This meant that the capital leaving the XRP marker had overtaken the influx.

xrp 1 hr 1

XRP 1 day:

Long-term support was still holding the level formed in August. The $0.52 level was not under threat yet, even as the last red candle loomed ominously.

Relative Strength Index: Just like in the hourly charts, XRP’s level fell towards the oversold zone. This was in stark contrast to the highs achieved in August.

Chaikin Money Flow: The sharp decrease only added to the bearish environment as the capital was also reduced. A large push of new investors was now required to prop the graph back up.

Bollinger bands: The two bands diverged from one another as the Bollinger cloud held the potential for more growth. Currently, the latest red candle was en route falling out of the cloud.

XRP swings below $1.01 as price exhibits mixed signals

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XRP has been consolidating between $1.01 and $1.16 for more than a week. It had sustained multiple retests on the current defensive area. Since the flash crash of September 7, the crypto-asset has failed to see the necessary momentum. While XRP maintained a steady route, the volatility in the market appeared to be garnering traction. Additionally, while some of its indicators took bearish positions, revival hints cannot be missed. If the token’s price manages to hold its fort above a crucial area as bulls tackle selling pressure, signs of upwards breakout would come into play.

Over the past 24-hours, XRP was down by a minor 0.67% and was priced at $1.08. The sixth-largest crypto-asset registered a market cap of $50.3 billion and a 24-hour trading volume of $2.10 billion at the time of writing.

XRP Daily Price Chart

XRP

XRP price candles have narrowly escaped from being dominated by the upsloping 50 DMA [Pink]. The 200 [Yellow] and the 100 [Blue] daily moving averages, on the other hand, appeared to lay low. The volume also did not depict any increase, and the above indicators flashed mixed signals, and the market seemed to hang in the balance between buyers and sellers.

XRP2

The formation of closing green candles of Awesome Oscillator [AO] depicted hints of bullish momentum in the market. A similar sentiment was indicated by MACD, which was also on the verge of undergoing a bullish crossover. The daily Relative Strength Index [RSI], however, did not fare too well. The indicator closely mimicked the price action of the token and consolidated below the 50-median line after slipping into the bearish territory. Hence, a pickup in terms of the RSI above the half-line would signify the onset of a bullish trend.

The immediate resistance levels for XRP stood at $1.18 and $1.39, while the support points were found to be at $0.95 and $0.78, respectively.

XRP jumps onto the bull bandwagon while climbing up the crypto ladder

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After witnessing stagnancy for a long time, the crypto market finally followed the bull. XRP, Binance Coin [BNB], Cardano [ADA], and a few others barely experienced any major fluctuations. However, assets like Solana [SOL], Polkadot [DOT], as well as Bitcoin [BTC], were seen bagging significant gains.

Bitcoin was trying to break free from the $45K zone and the bulls were seen aiding this move. BTC’s market cap dropped down to $863 billion and the overall crypto market followed suit as it plummeted to $2.09 trillion.

Despite encountering an array of hurdles throughout the year, XRP still managed to surge to a high of $1. The altcoin took years to push past a strong barricade put forth by the bear and move beyond $1. At the time of writing, the asset was trading for $1.08 with a 2.29% surge over the last 24-hours. The previous seven days were unfavorable for the altcoin as its price dipped by 16.73%.

Additionally, XRP climbed up the crypto ladder. The altcoin recently made news after it was pushed down by Solana [SOL]. SOL took over as the sixth-largest cryptocurrency after its market cap rose beyond that of XRP’s. However, during press time, the market cap of XRP surged to $50 billion and the altcoin took over the sixth rank, once again.

XRP one-hour price chart on Biannce

XRP

The one-hour price chart of the altcoin was noted harboring the bull. The Parabolic SAR indicator used in its short-term chart transitioned into the bullish arena. The dotted lines dropped below the candlesticks further forming a line of support. The Chaikin Money Flow [CMF] indicator was way over the zero median up by the hills with the bull. This positive notion could further push the price of the altcoin.

Furthermore, the Money Flow Index [MFI] indicator was still residing in the buyers’ market.

Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP

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Solana [SOL] has emerged as one of the hottest cryptocurrencies of late. The abrupt plunge in Bitcoin’s [BTC] price dragged the entire market into a sea of red. A sentiment of uncertainty has engulfed the crypto world. Investors expect bearishness in the next couple of trading sessions as top alts flashed sell signals. But not Solana.

SOL managed to weather the storm and record massive weekly gains of 78.88%. As a matter of fact, the crypto-asset was up by 35.64% over the past day alone. It was now trading at $208.5, according to the latest data on CoinMarketCap. Boasting a total market cap of $60.84 billion, SOL even blasted past XRP and was now the sixth-largest cryptocurrency. This comes just a day after it surpassed popular meme-coin Dogecoin [DOGE] to position itself on the 7th rank by market cap.

Among the top 10 cryptocurrencies, Solana was the best-performing asset as it decoupled from Bitcoin. XRP and DOGE, on the other hand, have failed to no impressive rallies as they continued closely mimick the price action of the king coin.

SOL 1M graph coinmarketcap

NFT boom backing Solana’s rally?

With a massive parabolic run-up, SOL’s price continued to exceed all expectations. One of the main drivers is the thriving sector of non-fungible tokens of NFTs. A major chunk of NFT-related transactions occurs on the Ethereum blockchain. However, the network suffers from higher congestion and inflated gas fees which has paved the way for alternative layer one solutions to take the stage.

Solana is one of them. Owing to its public base-layer blockchain protocol that aims to address inefficiencies and eliminates Ethereum’s performance bottlenecks, the SOL ecosystem and its reduced gas fees have catalyzed its case as an emerging player in the NFT space. Additionally, Solana’s integration with the NFT marketplace of the prominent crypto derivatives platform FTX has further strengthened its position in the industry.

Will XRP’s Golden Cross help in clearing the $1.2 barrier?

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XRP’s price has witnessed its volatility dry up over the past several weeks as the sell-off continued. It has been on a downward trajectory since hitting a 3-month high on the 15th of August. Since then, it could not get back up there. Over the past week, XRP’s losses totaled 9.24%. The price action has been choppy as signs of recovery were invalidated after sellers took over the market. While the short-term trend looked less optimistic, the long-term picture signaled recovery hints.

XRP was down by 1.05% over the past 24-hours and is currently being traded at $1.12. At the time of writing, the digital asset recorded a market cap of $52.57 billion and a 24-hour trading volume of $3.92 billion.

XRP Daily Price Chart:

XRP1 1

As a result of multiple lower highs, XRP’s price formed a descending triangle formation, a breakout from appears to be in bears’ favour. The moving averages, on the other hand, depicted a promising picture. The 50 DMA [Pink] was currently undergoing a golden cross with the 200 DMA [Yellow], which can potentially invalidate the bearish cues and make a reversal towards the upside.

The low volume might be a threat to XRP’s price action in the near term.

XRP2 4

The red closing lines of the Awesome Oscillator [AO] aligned with a weakening bearish trend while the Chaikin Money Flow [CMF] depicted that the coin market has hit a major slump in terms of capital inflow as XRP oscillated between the trendlines of the pattern.

The daily Relative Strength Index [RSI], however, has managed to hold its position above the 50-median line indicating that despite the struggle, buyers have the upper hand. The supportive belt of $1.08-level has shown its importance after being tested three times. A breach from this would bring other support levels of $0.8 and $0.52 at play.

In case of a reversal, the crypto-asset stands a chance to climb above $1.2 and target $1.58 and $1.83 resistance levels.

XRP plots bullish pattern despite falling below $1.3

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While most of the assets in the market remained green, XRP appeared to be consolidating slightly. The sixth-largest crypto-asset is experiencing a slowdown depicting exhaustion in the month-long bullish momentum as it after hitting a crucial resistance level despite the increasing volatility in the market. It was still up by over 6% over the past week.

Over the past 24-hours, XRP rose by 1.22% which drove its price to $1.26. At the time of writing, the crypto-asset registered a market cap of $57.53 billion and a 24-hours trading volume of $6.26 billion.

XRP Daily Price Chart:

XRP 2

The volume in the daily XRP chart has failed to support the uptrend and was nowhere near the figures reached during the April high. The sharp correction after the digital asset briefly hit $1.3 in the second week of August was followed by a bearish crossover by the 100 DMA [Blue] and the 200 DMA [Yellow].

However, the upsloping 50 DMA [Pink] appeared to be heading for a much-needed golden cross. If this transpires, the crypto-asset could breach crucial levels and even target ATH that was last seen in January 2018.

XRP3

The Awesome Oscillator [AO] depicted a struggling momentum in the coin market. Despite sustaining a minor slump, the Chaikin Money Flow [CMF] continued to show an inflow of capital into the coin market. The ongoing consolidation followed the extreme overbought reading on the daily Relative Strength Index [RSI]. However, the metric has now slid out of the overbought territory, creating the space for a new surge of momentum and higher prices as sentiment was still in buyers’ favour.

The above charts depicted a bullish outlook. Currently, XRP’s overhead resistance level stands at $1.3, which, if breached, could bring $1.59 and $1.83 at play. The support level for the crypto-asset, on the other hand, was at $0.85, and $0.52 respectively.

Japanese crypto exchange, Liquid hit with an $80 million attack

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A prominent Japanese cryptocurrency platform, Liquid underwent a massive hack that caused the loss of crypto worth $80 million.

The crypto-verse isn’t new to hacks and attacks. Just as the value of the crypto market began to surge, it became a target to criminals who were looking to make easy money. Regulators started to intervene once the number of cybercrimes related to crypto began rising. While crypto platforms across the globe were seen strengthening their security, Liquid’s security was compromised.

The Japanese exchange alerted its users about the latest hack through its Twitter handle and revealed that hold on deposits and withdrawals was imposed.

Japanese exchange falls prey to a hack

In its tweet, the exchange noted that its warm wallets were compromised and the assets were reportedly being moved to the cold wallets. The tweet further read,

Furthermore, the Japanese exchange affirmed that the situation was being investigated and Liquid had found the hacker’s address. The exchange wrote,

“The following assets had been transferred to hacker’s following addresses (Further investigation to come):
BTC: 1Fx1bhbCwp5LU2gHxfRNiSHi1QSHwZLf7q
ETH/EWT: 0x5578840aae68682a9779623fa9e8714802b59946
TRX: TSpcue3bDfZNTP1CutrRrDxRPeEvWhuXbp
XRP: rfapBqj7rUkGju7oHTwBwhEyXgwkEM4yby”

As mentioned above prominent assets like Bitcoin [BTC], Ethereum [ETH], Tron [TRX], and XRP were stolen from the platform. The platform lost over 100 BTC, about 11 million XRP, and about 10 million TRX. Additionally, a whopping $60 million worth of Ethereum and other ERC20 tokens were taken from the Japanese exchange.

This security breach had undoubtedly urged other exchanges to not only stay alert but also look into their security system. Prominent cryptocurrency exchange, KuCoin decided to show support and stay alert by blacklisting the aforementioned addresses. The CEO of the crypto exchange, Jonny Lyu took to Twitter to affirm the same. The tweet read,

“We are aware of the #LiquidGlobal security incident, and the hacker’s addresses have been added to the blacklist of #KuCoin. Hope everything is OK. 🙏”

XRP braves bear storm as major cryptos see their weekly gains erode

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The digital asset industry’s rollercoaster mid-week movement aligned with the predictions of a lot of investors after their price capitulation calls. Almost all the cryptocurrencies on the chart suffered bear attacks that resulted in the formation of new immediate supports. Ripple’s XRP was one of the assets undergoing a price shift as weekly gains enabled it to stay afloat.

XRP’s previous 7-day performance was a key factor in establishing the cryptocurrencies’ dominance in the face of the bear. Although the sixth-largest cryptocurrency recorded a 7 percent hourly dip, its market cap held above the $50 billion marks at $51.355 billion. The cryptocurrency was trading for $1.11 as the daily trading volume fell to $7.52 billion. One positive for XRP fans was the fact that the fully diluted market cap had gone up by 7 percent in the same time period.

XRP 1 hour:

xrp 1 hr

In the short term, XRP’s selling pressure increased ever sop slightly. The aforementioned indicators all sided with the bear as the cryptocurrency’s price settled since its climb on the 11th. According to the Bollinger bands, XRP was in for a bearish downturn that may see its support slip to just below $1. The fall can be broken once more capital enters the market.

XRP’s RSI fell to its lowest since the start of this month. Regulatory tussles and price capitulations may be the main reason for the slump in the XRP buying scene. Only the Chaikin Money Flow lent a positive spin to the price action after climbing above the zero line today. This meant that capital coming into the market was more than the outflow.

XRP 1 day:

xrp 1 day

XRP’s positive price action since June seems to have been cut short this week. With the Bollinger bands opening its maw, fans of the cryptocurrency kept their fingers crossed for a bullish breakout. Even though XRP escaped the bear trap formed in April, it needs to remain wary of new support breaks.

After having stayed above the overbought threshold for a good part of a week, the indicator fell back into the RSI zone. This was a positive sign for XRP as it meant more users were HODLing their tokens rather than selling them. XRp’s CMF skirted on the zero line as the indicator dipped hard for the first time since July 20. Ripple’s new announcements could lend a hand to XRP and boost its stock in the crypto market, thereby bringing in more capital to the XRP ecosystem.

XRP short-term prospect doesn’t look promising despite 3-month high

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The fresh bullish wave boosted XRP’s uptrend. The crypto-asset’s weekly gains jumped 56.21% as it soared to a three-month high. XRP went on to become one of the biggest gainers as bears retreated. The rising volatility in the coin market could further catalyse the ongoing uptrend as there is very little resistance towards reclaiming the 2021-high.

Over the past 24-hours, XRP was up by 1.25% and trading at $1.28. The sixth-largest cryptocurrency held a market cap of $59.32 billion while registering a 24-hour trading volume of $8.20 billion at the time of writing.

Is there little room for further upside despite the much-anticipated parabolic rise, or will XRP manage an extended rally in the coming days? Let’s dive in deeper.

XRP Daily Price Chart:

XRP1

All the moving averages aligned below the candlestick arrangement as XRP went on a parabolic rise. While the upsloping 50 DMA [Pink] appeared to be heading for a golden cross in the near future with the 200 DMA [Yellow], the latter was also appeared to be on the verge of a bearish crossover which could spell trouble in the short-term price action of the token.

Besides, as the volatility in the market picked up, the volume also followed suit. If XRP manages to keep its volume moderate to high, the uptrend could find considerable backing.

XRP2

The surge of Chainlink Money Flow [CMF] above the half-line indicated a rising inflow of capital in the coin market in tandem with the price action. The MACD also depicted a strong bullish phase. A similar trend was seen by the Relative Strength Index [RSI] which rose to overbought levels last seen during April high. However, this could also indicate a potential reversal if the buying pressure diminishes.

The short-term price prospect does not look very promising. In which case, XRP risks testing of immediate support levels of $0.85, $0.82, and $0.72 respectively. On the other hand, the overhead resistance levels for the crypto-asset was found to be at $1.59 and $1.83.