- The recently attained gains have been lost to bears as the new week kicks off. The uptrend slows down as bulls fail to sustain momentum.
- CEO of Ripple remains positive following XRP’s victory against the SEC.
Ripple (XRP) has been a major topic of conversation amongst cryptocurrency investors and traders. While the asset raked in notable gains over the past weeks, it didn’t take too long for XRP to get drowned by the bears.
Following the court’s verdict regarding XRP’s status, more eyes have turned toward the asset. Crypto investors and traders took the new development as a sign to key into a promising entry point. This would later result in a price surge for the altcoin.
However, the recently attained gains have been lost to bears as the new week kicks off. The uptrend slows down as bulls fail to sustain momentum.
A handful of factors have played a role in halting the bull trend for the XRP token. One such is the limited interest from institutional investors and market players. These figures are known to drive significant price rallies for crypto assets, as their demand typically trumps retail traders. Institutional traders typically push more funds into the crypto market and hold for much longer than retail traders.
Usually, fundamental factors attract more institutional players, while retail traders looking to hold short-term are banking on a mild price rally.
In the long term, Ripple (XRP) could see new hands make their way into the market. It is worth noting that the Ripple network has already raked in a handful of partnerships since the start of the year.
CEO of Ripple excited for the future of the network, speaks on the importance of protecting retail traders
On the other hand, the Ripple community has remained excited about the future. Following the recently secured victory, key players have collectively predicted that Ripppe’s global performance will skyrocket.
Meanwhile, Brad Garlinghouse, the CEO of Ripple took to Twitter to celebrate the win not long after the court’s verdict. He wrote in a previous tweet;
The most important part of this ruling:
“XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme that embodies the Howey requirements of an investment contract.
This is a now a matter of law (not up for trial.)
More recently, the Ripple boss spoke on some of the issues hindering retail traders in the market. Speaking on the importance of protecting retail traders, Garlinghouse explained that the SEC was mostly responsible for the ongoing chaos within the retail trading ecosystem.
Garlinghouse critiqued the SEC for establishing itself as the “crypto cop”, despite lacking the necessary legal jurisdiction required to implement policies. The SEC’s move has left consumers in a state of bankruptcy.
He acknowledged congress members Rep Ritchie Torres and Patrick McHenry for championing regulatory clarity, as he asserted that it was the only way forward. He wrote, in a follow-up tweet;
We all know legislation – not more regulation by enforcement – is the only way forward to provide clear rules and protect retail
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