XRP Roasts like Christmas Chicken On Boxing Day

XRP posted high selling pressure amid market correction on Boxing Day.  XRP is down 7% over the past 7 days, likely because traders are taking the opportunity to lock in profit but it remains popular with crypto investors. The token lost the $2.2 support line and crashed as low as $2.15 on December 26th.

Ripple’s prospects in the mid-term are still cloudy. , Ripple is under increasing pressure to innovate in light of heightened regulatory scrutiny and competition in the digital asset market. More regulatory clarity, especially in light of Ripple’s ongoing legal disputes and the changing legislative environments in major economies, may coincide with the launch of an XRP stablecoin.

However, the Ripple-based token still shows strong fundamentals despite the recent sell-offs. Traders remained composed despite the bearish run that began after the Federal Reserve’s announcement.

Data from Binance showed the altcoin has increased by more than 250 percent since President-elect Donald Trump was elected last month.

The declining trend in XRP Dormant Circulation across all coin age categories shows that most XRP holders decided to keep their tokens, unlike many other cryptocurrencies where investors quickly dumped their holdings.

Traders anticipate that Ripple Labs, the company that issues the cryptocurrency and uses it to settle and facilitate transactions on its digital payments platform, will be less subject to legal pressure.

Bulls hope Trump will end the Securities and Exchange Commission’s long-running case against Ripple after appointing crypto-friendly Paul Atkins to succeed Gary Gensler as head of the agency last week.

The SEC accused the business of selling investors an unregistered security in 2020. In October, it appealed a court decision that said Ripple’s sales of XRP had not broken any investor protection laws.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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