XRP’s value dipped to $0.62 on Thursday, slipping below a crucial support level of $0.65. As the SEC lawsuit against Ripple progresses, the regulatory body prepares to present its opening brief regarding remedies by March 22. In response to recent criticisms, Ripple’s Chief Legal Officer (CLO) expressed concerns over the SEC’s ambiguous regulations, citing a judge’s remark about their vagueness during a separate legal case.
Ripple’s CLO, Stuart Alderoty, highlighted a judge’s critique of the SEC’s regulations as “vague and loosey-goosey,” indicating uncertainty around their application and implications. This sentiment raises questions about the regulatory framework and its impact on legal proceedings.
The developments in the SEC v. Ripple lawsuit continue to influence XRP’s price movements, with investors closely monitoring the situation. From a technical standpoint, XRP’s price may undergo further correction, potentially touching the psychological support level of $0.60 before rebounding. The Awesome Oscillator suggests room for additional correction, while key Fibonacci retracement levels could soon serve as support and resistance points.
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RIPPLE FAQS
What is Ripple?
Ripple is a payments startup that focuses on cross-border remittance. The firm does this by using blockchain technology. RippleNet is a money transfer network developed by Ripple Labs Inc. that is available to financial institutions worldwide. The firm also uses the XRP token.
What is XRP?
XRP is the native coin of XRPLedger, a decentralized blockchain. Ripple Labs uses the cryptocurrency to enable transactions on the XRPLedger, which allows financial institutions to move assets across borders. As a result, XRP enables trustless and rapid payments on the XRPLedger chain, allowing financial organizations to reduce the cost of global transactions.
What is XRPL?
XRPLedger is built on a distributed ledger technology and a blockchain that uses XRP to power transactions. The ledger differs from previous blockchains in that it has a built-in inflammatory mechanism to combat spam and distributed denial-of-service (DDOS) assaults. The XRPL is supported by a peer-to-peer network known as the worldwide XRP Ledger Community.
What blockchain technology does XRP use?
XRP follows the interledger standard. This is a blockchain technology for facilitating payments across many networks. For example, the XRP blockchain may link the ledgers of two or more institutions. This essentially eliminates middlemen and the need for centralization in the system. XRP is the native token of the XRPLedger blockchain created by Jed McCaleb, Arthur Britto, and David Schwartz.