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Market News SEC Crackdown Affects XRP Price Amid Market Volatility

SEC Crackdown Affects XRP Price Amid Market Volatility

As investors anxiously await the decision of Ripple's legal case, XRP significantly declines below $0.50 as a result of Bitcoin's decline and the continuous regulatory crackdown spearheaded by the SEC.

Cory Russell

2023-04-24

12104

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The pressure on the cryptocurrency market as a whole has not spared the XPR price, which has fallen as low as $0.44 and below the psychologically significant $0.50 barrier.

The sixth-ranked cryptocurrency is making an effort to rebound and has reached $0.46 once again. Bulls in XRP are still standing their ground and believe that the most recent loss presents a buying opportunity. They are wondering why XRP is in a slump since it has managed to trade independently of Bitcoin for a large portion of this year.

Due to the recent market volatility, XRP has dropped by about 10%, providing XRP bulls with a chance to purchase more units of their preferred cryptocurrency at a price they deem to be favorable.

The business has suffered as a result of a broad regulatory crackdown overseen by US SEC Chairman Gary Gensler.

Bitcoin's price has dropped from $30,000 to about $27,000, entering negative territory as well. It has also increased, moving from a weekend low of $27,169 to $27,872 on Saturday.

On Kucoin, where it holds the No. 2 position with a $15 million volume, XRP continues to be actively traded. The whole volume of XRP trades is presently $852 million.

The Pre-Funding Model: Opinion from the Ripple CTO

CTO for Ripple In the midst of an ongoing discussion, David Schwartz disclosed Ripple's pre-funding plan for XRP in a Twitter thread. He advised that rather than pre-funding in each market where you are sending a payment, you should pre-fund in a single account and send payments directly to any market that is your destination for on-demand liquidity.

Gensler Apologizes for Crypto, SVB's Failure

Investors in XRP are impatiently anticipating a good verdict while the SEC lawsuit against Ripple drags on. SEC Chairman Gary Gensler continues to criticize digital assets at this period.

He attributed the demise of Silicon Valley Bank (SVB), which was established in 1983, on cryptocurrency in testimony before Congress last week. Gensler's hypothesis that SVB's collapse was related to crypto was dismissed by Adrienne Harris, superintendent of the New York Department of Financial Services, as a "misnomer."