XRP Price Retracement: Why XRP Failed to Reach $1 Despite Regulatory Clarity?
After the Ripple court ruling, XRP experienced a significant price increase, reaching $0.85. However, it has since entered into a major retracement, currently trading at $0.64. XRP investors are eagerly waiting for the price to reach $1, but it seems that the excitement has fizzled out. Crypto lawyer John Deaton sheds light on the reasons behind XRP’s failure to reach this milestone.
Main Breakdowns:
- If he had predicted XRP’s regulatory clarity but not reaching $1, many would have found it hard to believe.
- Similarly, if he had said that PayPal would introduce a stablecoin on Ethereum without a significant increase in ETH’s value, people would have been skeptical.
- XRP’s price is not making strong gains due to Bitcoin’s strong consolidation.
- Bitcoin, being the largest cryptocurrency, holds significant influence over the market.
In a recent tweet, Deaton emphasized that Bitcoin drives the market, and this is why XRP is struggling to make significant gains.
Gemini Teases XRP Listing: Could This Push XRP Price to $1?
Crypto exchange Gemini has teased the listing of XRP on its platform, expressing interest in potentially providing spot and derivatives trading for the cryptocurrency. Other exchanges like Coinbase have already relisted XRP on their platforms, resulting in a massive boost to its trading volumes.
Gemini’s interest in listing XRP comes after the recent ruling regarding Ripple, which clarified that the sale of XRP on exchanges is not a security. This move by exchanges indicates a growing confidence in XRP’s regulatory status and potential market demand.
Hot Take:
Despite regulatory clarity, XRP’s failure to reach $1 highlights the influence of Bitcoin on the market. As the largest cryptocurrency, Bitcoin’s consolidation has impacted the gains of other coins. However, the potential listing of XRP on Gemini and other exchanges could provide a much-needed boost to its price and trading volumes. Keep an eye on XRP as it navigates through these challenges and strives to reach new heights.
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