XRP was trading at $0.5169 on Monday, with the price barely moving compared to the previous day. Former SEC Enforcement Counsel LaDan Stewart criticized the SEC and the Biden administration’s approach to cryptocurrency regulation. Stewart said there are people interested in working with regulators, but he feels it’s not possible.
Ripple (XRP) is steady above $0.5100 on Monday. The XRP Ledger’s native token did not have any significant price changes during the day.
Former SEC attorney LaDan Stewart shares his thoughts on crypto regulation, the agency’s approach, and his experience on both the industry and regulatory sides, according to a tweet by FOX business journalist Eleanor Tellet on X. It is said that he did.
Daily Digest Market Movement: XRP stagnates at $0.5136, former SEC lawyer comments on virtual currency regulation
XRP has been range-bound this month, fluctuating between $0.6342 and $0.4860. At the time of writing, the altcoin is trading at $0.5136. The Securities and Exchange Commission’s (SEC) lawsuit against Ripple and the agency’s approach to crypto regulation are some of the factors influencing altcoin prices on Monday. LaDan Stewart, a former SEC attorney with experience in the crypto industry, commented on the regulator’s approach to cryptocurrencies. Stewart said the crypto industry “really wants to find a way to work with regulators, but knowing who’s in charge at the SEC or the Biden administration, that’s not going to be possible.” He pointed out that there are people who feel that way. “I think this is just unfortunate. It stands in the way of all the efforts that would allow for regulatory clarity and efforts to build this industry,” Stewart added. Nelson Mullins attorney Richard Levin was asked what would be the most impactful change for cryptocurrencies in the United States. “I would ask the SEC to actually comply with the Administrative Procedure Act,” he responded, according to Fox Business journalist Eleanor Terret. The lawyer’s stance on crypto regulation comes at an interesting time for Ripple, with the SEC appealing the final ruling in the case and the money transfer company filing a cross-appeal. Click here to learn more about cross-disputes.
Technical analysis: XRP could fall by 7%
XRP has been trending lower since its March 11 high of $0.7440. The altcoin could dominate liquidity at $0.4780, which corresponds to the lower bound of the fair value gap (FVG) and the July 12 high. The Moving Average Convergence Divergence (MACD) indicator flashes a red histogram bar below the neutral line, indicating that the underlying momentum of the XRP price trend is negative.
XRP/USDT daily chart
The bearish thesis for the altcoin could be invalidated if XRP moves above the $0.5666 resistance on a daily candlestick.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of one stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies are generally volatile.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC’s dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. A decline in BTC’s dominance usually means investors are moving capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
