Why Is XRP Price Holding onto Yearly Gains despite Ripple’s Legal Issues?

XRP as a cryptocurrency keeps catching the attention of global companies, as the firm behind the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, Ripple, is broadening its business fronts within the sphere. As a digital asset, it remains in sixth place in the ranking of the largest cryptos by market capitalization, with a figure of $44.46 billion as of press time, according to Coinmarketcap.

Although it has not brought too many gains so far from a yearly perspective, XRP has managed to overcome the hurdles amid the legal issues faced by Ripple Inc. in the United States. The San Francisco-based blockchain firm recently launched a fund worth $250 million to support the creation of non-fungible tokens (NFTs) on the XRP Ledger.

Ripple and the NFT Market

Such a manoeuvre will allow the company to incentivize brands, marketplaces and creators to explore new use cases for the NFT market amid the current hype this sector has been undergoing nowadays.

“Since day one, we’ve viewed crypto and blockchain as powerful levelers, unlocking access and equity for everyone. The growth of NFTs is an important part of that vision, helping build a tokenized future that will allow new business models to prosper and people to engage more deeply with the communities and things they care most about,” Ripple noted in a blog post. This announcement propelled XRP price to test fresh highs and skyrocketed by 7.5%.

Current Status of the US SEC vs. Ripple Legal Battle

But, what had happened with the legal battle against the US Securities and Exchange Commission? It was recently revealed that the US watchdog did not always consider XRP a security, which is the hot potato of the legal tussle. Only until 2018 XRP was included within the list of securities of the SEC.

When the news crossed the wires, XRP price skyrocketed by 10% in September because it contradicted the initial statement from the regulators that XRP cryptocurrency was a security from the beginning. Thus, the US SEC used such assertion to argue that Ripple was allegedly engaged in illicit securities sales from the early days.

Former US Treasurer Talks about XRP’s Purpose

The strain of positive news did not stop during September for Ripple and XRP, as Rosie Rios, the 43rd Treasurer of the United States from 2009 to 2016 under President Barack Obama, issued her definition of XRP, which does not align with the SEC’s assertions: “XRP’s primary purpose is facilitating cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term while other #Cryptos find their value in speculation. China’s latest move brings this point home.”

XRP Price Analysis

So far, from a broad perspective based on the daily chart, XRP keeps its yearly gains at the end of September above the $0.9000 critical level. This is because XRP was hit hard by the sell-off seen at the start of September, combined with China’s tussles on the regulatory crackdown towards the crypto industry. However, losses were capped by such a psychological area.

As a result, the 200-day simple moving average has provided dynamic support across the board, and the RSI indicator keeps trending upwards. The next critical resistance levels lie at $1.018 and $1.123. Should the lows from September give up in order to open the doors for further declines toward a critical resistance, now support, placed at around $0.7643.