XRP slips under $0.50 as Ripple proponents slam SEC for dropping Ethereum probe

Quelle Fxstreet
19. Juni 2024 12:30
  • Ripple proponents have called out the SEC for dropping its investigation into Ethereum. 
  • Consensys, an Ethereum developer, shared the news of the regulator’s response to a letter. 
  • XRP is back under the $0.50 resistance in response to Ethereum’s free pass. 

XRP trades back below $0.50 on Wednesday as Ripple (XRP) proponents like attorney Bill Morgan have lashed out at the Securities and Exchange Commission (SEC) for what is being considered a “second free pass” for Ethereum. 

Ethereum developer Consensys announced on Wednesday in its official X account that the SEC is putting an end to its investigation into the second-largest cryptocurrency. The developer had enquired the status of the investigation through a letter sent to the regulator and received a response. 

Daily digest market movers: SEC free pass to Ethereum angers XRP community

  • The SEC’s decision to end the investigation into Ethereum has caused a stir in the Ripple community. 
  • The US financial regulator is embroiled in a legal battle with the cross-border payment remittance firm since 2020, alleging that Ripple sold unregistered securities through the XRP token. The SEC demands the court to impose $2 billion in penalties for Ripple. 
  • Ripple attempted to draw parallels between other crypto litigation, like the SEC’s lawsuit against Terraform Labs and its founders, to reduce the amount of the fine. This attempt was rejected by the regulator, but it opened the door to a significantly smaller penalty of around $102 million. 
  • For years, the XRP holder community has slammed the SEC for what is deemed “unequal” treatment of Ripple compared to its peers. Community members have criticized the agency for bringing a lawsuit against Ripple while Ethereum gets a “free pass.” History repeated itself with the SEC pulling a stop on its investigation into Ether. 
  • While the closing of the investigation marks a win for the Ethereum holder community, Ripple proponent attorney Bill Morgan has slammed the SEC for different treatment of Ethereum and Ripple for the second time in six years. 

Technical analysis: XRP plunges below $0.50 yet again

Ripple price has declined steadily since mid-March. The altcoin closed above the sticky resistance at $0.50 for the first time in ten days on Monday, but it is back under this key level following the news of SEC dropping its investigation into Ethereum.

In case of further selling pressure, XRP risks a 5% decline to the April 19 low of $0.4665, a key support level for Ripple. 

XRP

XRP/USDT daily chart

However, if XRP sees a daily candlestick close above $0.5330, the resistance and June 5 high, it could invalidate the bearish thesis. In such a scenario, the token could climb towards the Fair Value Gap extending between $0.5491 and $0.6029. 

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Haftungsausschluss: Nur zu Informationszwecken. Die bisherige Performance ist kein verlässlicher Indikator für zukünftige Ergebnisse.
placeholder
Japanischer Yen wertet auf, da Händler auf eine weitere Zinserhöhung der BoJ setzenDer japanische Yen (JPY) machte am Donnerstag jüngste Verluste wett, angeregt durch Kommentare des Mitglieds des Vorstands der Bank of Japan (BoJ), Seiji Adachi, am Mittwoch.
Autor  FXStreet
Der japanische Yen (JPY) machte am Donnerstag jüngste Verluste wett, angeregt durch Kommentare des Mitglieds des Vorstands der Bank of Japan (BoJ), Seiji Adachi, am Mittwoch.
placeholder
SEC verzögert Entscheidung über Ethereum-ETF, da ETH wichtigen Unterstützungsbereich durchbrichtEthereum ist am Donnerstag um mehr als 5 % gefallen, nachdem die Securities & Exchange Commission (SEC) die Genehmigung der S-1-Entwürfe der ETH-ETF-Emittenten nicht erteilt hat.
Autor  FXStreet
Ethereum ist am Donnerstag um mehr als 5 % gefallen, nachdem die Securities & Exchange Commission (SEC) die Genehmigung der S-1-Entwürfe der ETH-ETF-Emittenten nicht erteilt hat.
placeholder
AMD stärkt KI-Portfolio mit Übernahme von Silo AI - Aktie zieht anInvesting.com - Die Aktien von Advanced Micro Devices (NASDAQ:AMD) kletterten am Mittwoch um mehr als 3 %, nachdem der US-Chiphersteller die Übernahme von Silo AI für rund 665 Millionen Dollar in bar
Autor  Investing.com
Investing.com - Die Aktien von Advanced Micro Devices (NASDAQ:AMD) kletterten am Mittwoch um mehr als 3 %, nachdem der US-Chiphersteller die Übernahme von Silo AI für rund 665 Millionen Dollar in bar
placeholder
Bitcoin Wochenprognose: Anleger fragen sich, ob die BTC-Probleme überwunden sindBitcoin (BTC) stabilisierte sich diese Woche um die Marke von 57.000 USD, während die deutsche Regierung weiterhin Bitcoin an Börsen transferiert.
Autor  FXStreet
Bitcoin (BTC) stabilisierte sich diese Woche um die Marke von 57.000 USD, während die deutsche Regierung weiterhin Bitcoin an Börsen transferiert.
placeholder
Deutsche Regierung beschleunigt Bitcoin-Verkäufe! Guthaben unter 10.000 BTC, voraussichtlich diese Woche ausverkauft!Die Leerverkäufe neigen sich ebenfalls dem Ende zu, da die deutsche Regierung wahrscheinlich alle ihre Bitcoin (BTC) diese Woche verkaufen wird.
Autor  Mitrade Team
Die Leerverkäufe neigen sich ebenfalls dem Ende zu, da die deutsche Regierung wahrscheinlich alle ihre Bitcoin (BTC) diese Woche verkaufen wird.
verbundene Finanzinstrumente
goTop
quote