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Republican Congressman Matt Gaetz has put forth a groundbreaking bill to allow Bitcoin as a form of payment for federal income taxes. This legislative proposal aims to modernize the US tax system and integrate cryptocurrencies into mainstream financial transactions, potentially paving the way for broader adoption and innovation in digital payments.
Bitcoin fell below $60,000 on June 24 for a few hours before promptly recovering above the key support level. However, many top altcoins have outperformed BTC over the past week, rising nearly 10% against it at one point.
Introduction As of 27 June 2024, XRP remains a prominent cryptocurrency with a dedicated investor base. Known for its fast transaction speeds and utility in cross-border payments, XRP has seen various price movements throughout the year.
After remaining elevated for over 20 months, the XRP price has faced extreme bearish heat in the past few weeks. This has weakened the bulls to a large extent, as they are unable to defend the crucial support despite the decreased selling pressure.
Here's what's been going on in the case between Ripple Labs and the US SEC as of late.
XRP price analysis: The price of XRP dropped 1.5% in the last 24 hours to trade at $0.47 at press time. The slip in price comes after Bitcoin slid lower from yesterday's price, inching closer to breaking below a crucial support level.
Ripple Labs-backed XRP has gradually slipped from the top-tier most valuable digital assets due to the headwinds from the ongoing legal battles. According to crypto data provided by Coinmarketcap, XRP had a market cap of around $25.9 billion. The rise of Circle's USDC to the sixth top most valuable digital asset displaced XRP further downwards.
Chart analyst Alessio Rastani took to his latest analysis about XRP and said that he's waiting to understand better what XRP offers, especially looking at its patterns and charts.
Ripple (XRP) utilizes blockchain technology to address payment reconciliation issues, enhancing accuracy and efficiency in global transactions.
XRP price struggled to recover above the $0.480 resistance zone. The price is again moving lower and might drop below the $0.4680 support.
The XRP price is seeing another triangle formation on its chart that could point to an impending rally. One important fact about this triangle formation is the fact that it led to a significant rally seven years ago, and if history repeats itself, then XRP may be set for a bullish wave.
Amidst legal battles and political maneuvers, XRP's market fate hinges on regulatory decisions and electoral outcomes.
XRP's recent price action shows a bullish reversal after a modest surge.
XRP has failed; the reversal attempt began back on June 24. The asset has been gradually gaining some strength on the market but has failed to get past the 26 EMA, which shows that the current movement has no momentum nor strength behind it.
Ripple CEO Brad Garlinghouse has criticized SEC Chair Gary Gensler's recent statements on the crypto industry, calling them “absolute nonsense.” The executive argued that Gensler's actions and oversight failures could impact the upcoming election. He suggested that Gensler should be fired if he truly worked for the American people.
Popular cryptocurrency exchange, Bitrue has urged investors to go all in on XRP, suggesting the cryptocurrency's potential to surge dramatically to new levels. The crypto exchange's promotion of the declining digital asset has triggered a significant backlash from various crypto community members.
Ripple CEO Brad Garlinghouse criticized US Securities and Exchange Commission (SEC) Chair Gary Gensler's views and actions regarding the crypto industry on June 25, suggesting they could adversely affect President Biden's re-election bid in November.
In an interview with Frank Chaparro on “The Scoop,” Ripple President Monica Long elaborated on the company's plans to launch a US dollar stablecoin (RLUSD) and discussed the potential for an XRP exchange-traded fund (ETF).
Gensler said the lack of compliance in the U.S. crypto space is evident in the number of top executives in jail or awaiting sentencing.
XRP has recently encountered a tumultuous period, defying the upward momentum observed across major digital assets. This divergence comes in the wake of a substantial whale transaction that saw 52.27 million XRP coins, valued at approximately $24.95 million, being offloaded onto two prominent exchanges.
Bitcoin is likely to extend its stay inside the range as traders buy the dips under $60,000.
Ethereum , the second most popular cryptocurrency after Bitcoin, continues to draw significant attention. Known for its versatile blockchain platform, Ethereum supports a wide range of decentralized applications and smart contracts.
According to a recent update from 100eyes Crypto Scanner, XRP, the controversial Ripple-affiliated token XRP, has approached horizontal support at the $0.47 level.
According to IntoTheBlock data, Toncoin (TON) has triggered an astonishing 306% increase in large holder transaction volume, which denotes whale activity.
