Given the slowdown in the cryptocurrency market, XRP price prediction remains bearish as it has broken through a trendline support level at $0.3900. This is despite Ripple being named a Top 10 most valuable startup in the US.
This news comes as Ripple’s attorney, John E. Deaton, warned the community that further regulation is on its way and it won’t look pretty.
The attorney warned on Twitter that the US Securities and Exchange Commission (SEC), under Gary Gensler’s leadership, will be harsh on crypto companies.
Deaton added that the SEC’s decision to increase its staff by 50% was motivated by a desire to destroy the cryptocurrency industry.
In response to a tweet by Bitboy Crypto, Deaton said that enforcement was the only thing on the minds of the regulatory body.
Deaton elaborated on the SEC’s plan of action, saying that the SEC itself might be another significant exchange that has a negative impact on the market.
“I believe it even more today because it could cause another 50% crash. Then incumbents take a larger share.”
As a result of this news, XRP is down 2.3% in 24 hours.
According to data compiled by Finbold, only one cryptocurrency company, Ripple, has made the list of America’s 10 most valuable companies.
The $15 billion-valued Ripple occupies the tenth slot and has grown at such a rapid rate that it is now the only cryptocurrency-related company among the top ten most valuable startups in the United States.
Note that Ripple’s new valuation came about after the company decided to repurchase shares from the investors that provided funding for its $200 million Series C round in 2019.
On the technical front, the XRP/USD pair is trading at $0.3825 with a slight bearish bias. On the 4-hour timeframe, XRP has broken through an upward trendline that had been supporting it near $0.3900. This is the same level where the 50-day moving average acts as resistance, helping to push the XRP price down.
On the downside, XRP is likely to find immediate support near $0.3740, and a bearish break of this level could expose it to $0.3610 or 0.3450.
The RSI and MACD indicators are also in a selling zone, indicating the possibility of a selling trend. If demand increases, bullish pressure may cut through the $0.3900 resistance level to target $0.4110 or $0.4375.
It’ll take months for the XRP case with the SEC to resolve, and so some traders have begun looking elsewhere for quicker gains. Here are some coins with huge potential in the short term.
IMPT is getting attention as it will start trading on the decentralized exchange (DEX) Uniswap on December 14. Two centralized exchanges, LBank and Changelly Pro, will list IMPT shortly after its DEX launch.
IMPT has raised more than $14.3 million since its initial public offering in October, with 1 IMPT currently trading at $0.023. IMPT.io, a new platform for carbon offsetting and carbon credits trading, will end its token presale early on December 11th due to its phenomenal success.
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