XRP Value Dips Amid Potential Us Regulatory Scrutiny
Investing.com | Editor Venkatesh Jartarkar
Published Oct 19, 2023 12:49PM ET
XRP, the digital asset linked to the blockchain payment protocol Ripple, saw its value dip 0.65% to $0.4881 on Tuesday, October 18, 2023. This follows a 1.38% loss the previous day, driven by concerns over increased US scrutiny of digital assets. Over 100 lawmakers, including Senator Elizabeth Warren, are urging the White House to address illicit cryptocurrency use in terrorism financing.
The Financial Times reported that Israeli authorities forced Binance to close Hamas-linked accounts, leading to the seizure of millions in crypto assets. From 2021 to June 2023, Hamas and Palestinian Islamic Jihad (PIJ) raised over $130 million in cryptocurrencies and transferred millions among themselves.
These developments led lawmakers to draft a bipartisan letter to the White House Administration, which could significantly impact the crypto market if it results in stricter scrutiny of US crypto exchanges and existing Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
Historically, increased White House scrutiny has negatively impacted investor sentiment in the digital asset space. The ongoing SEC vs Ripple case and regulatory uncertainty have caused XRP to pull back from its post-ruling high of $0.9327, despite increased adoption after a court ruling on XRP and Programmatic Sales.
Currently, XRP is trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), indicating bearish signals. If it drops below $0.4850, it might hit the $0.4700 support level. Conversely, breaking above the $0.5042 resistance level could initiate a bull run. The Relative Strength Index (RSI) suggests a potential drop below the $0.48 mark before entering oversold territory.
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