Ripple Advocate Claims SEC May Start to Fall 50% as XRP Heads to the Bulls

  • Ripple’s legal advisor has warned the cryptocurrency community of a potential market crash due to an impending SEC action
  • XRP price action has shown that the token may be heading for bullish momentum in the near term

With the cryptocurrency market recovering briefly over the weekend, waves [XRP] Attorney John E. Deaton tweeted that the community needs to pay attention. According to the lawyer US Securities and Exchange CommissionLed by Gary Gensler, with crypto companies.

Deaton also noted that the SEC’s doubling of its workforce aims to depress the crypto sector.

Read waves [XRP] predict the price 2023-2024

In response to a tweet from Bitboy Crypto that mentioned the SEC’s relationship with the embattled founder of FTX, Deaton said the regulator was only concerned with enforcement rather than its primary duty.

Be careful! Another collapse may be imminent

Deaton expanded on the SEC’s action plan by pointing out that the SEC could be another notable exchange, which could affect the market Negation. He said,

“I think it’s more than that today because it can cause another 50% crash. Then the dominant operators take a bigger share.”

In light of the development, XRP has deviated from the list of top cryptocurrencies with excellent performance. according to CoinMarketCapXRP is trading at $0.391 at the time of publication.

The token has struggled to deliver impressive performance even in the long run. It lost 20.88% in the last 30 days, and the last 7 days gave a slight increase of 2.70%.

However, the momentum of XRP means that the fight may not last for long. This was because the Awesome Oscillator (AO) was above the equilibrium level. This means that the momentum of XRP has been bullish. Also, since there were no twin peaks nearby, it indicated that a fall was not imminent.

Source: TradingView

The Moving Average Convergence Divergence (MACD) was below 0.00264. Although this value was positive, the selling power (orange) and buying power (blue) were below the zero point graph. However, as the buyers showed more control, it indicated that XRP was seeing a significant bullish edge.

Any way forward?

Despite the bull potential, Ripple has not done an iteration like this with NFTs. feelings He revealed that NFT trading volume was at its lowest level since November 13th. At the time of publication, the NFT volume was only $17,300, and this low value made the holdings under the Ripple chain not look attractive enough for investors to trigger buy triggers.

XRP NFT Volume and XRP Price

Source: feeling

As for her battle with the regulators last send Show that the end was almost here. However, there was no certainty as to who would integrate the visitors, despite objections from Ripple The Supreme Education Council’s proposal to issue an urgent ruling.

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