XRP Price Analysis & Market Updates: Coinbase Relists XRP, Whales Accumulate, and EVM Sidechain Progress

This past week has brought renewed optimism for XRP as Coinbase announced the relisting of the token for its customers in New York. The relisting follows a suspension due to ongoing regulatory issues with the U.S. Securities and Exchange Commission (SEC).

Coinbase has brought back XRP for its customers in New York after suspending it due to ongoing regulatory issues with the U.S. Securities and Exchange Commission (SEC).

Coinbase announced the relisting on June 15, following a request from Ripple's legal team to unseal a notice filed in the U.S. District Court for the Southern District of New York on June 13.

Ripple's legal team submitted a notice of supplemental authority in the U.S. District Court for the Southern District of New York on June 13. The notice highlighted the “unreasonableness” of the SEC's civil penalty, referencing a $4.5 billion settlement between the SEC and Terraform Labs and its cofounder, Do Kwon, in the separate case.

The SEC filed a lawsuit against Ripple in December 2020, alleging that the company and its executives sold XRP in an unregistered securities offering, raising over $1.3 billion. Ripple has maintained that XRP is a digital asset and not a security.

In other news, Ripple cofounder Sean McBride shared his take on the SEC's battle against Ripple. He criticized SEC Chair Gary Gensler, claiming his primary motive is to act as the "cop on the beat" rather than protecting investors or fostering the digital asset revolution.

According to McBride, Gensler's approach is evident in the SEC's "overzealous" pursuit of crypto companies and its failure to provide clear regulatory guidance. He highlighted the SEC's attempt to define XRP retroactively as a security, despite years of treating it differently.

McBride also pointed out the SEC's selective enforcement, focusing on large, established crypto firms while ignoring smaller, fraudulent operations. He argued that this approach undermines the SEC's credibility and harms the crypto industry.

Finally, McBride urged the SEC to reconsider its approach and work with the crypto industry to foster innovation and protect investors.

XRP has been oscillating between $0.47 and $0.50, indicating buying near the support level and selling close to the resistance. That being said, current price dynamics suggest higher reversal potential around the $0.47 mark.

If the price turns down from the current level or the 20-day EMA ($0.50), it may drop below $0.46.

Still 84% below ATH

XRP's market cap currently stands at over $29 billion, with a 104% surge in trading volume over the last 24 hours, reaching $2.3 billion.

Whales holding between 10 and 100 million XRP have shown significant trading activity, suggesting active redistribution of assets. Meanwhile, those holding over one billion XRP have increased their holdings since mid-April, indicating deliberate accumulation.

The past week saw significant liquidations as the BTC price fell below $66,000, resulting in nearly $180 million in liquidated leveraged derivatives positions across all crypto assets. This shakeout led to over $870 million in total liquidations, effectively flushing excess leverage from the market.

Many analysts had anticipated an imminent breakout for Bitcoin to new record highs, driven by slower inflation and softer economic data. However, attempts at rallies were quickly sold off, leaving BTC in a sideways trading range.

XRPBTC has a correlation value of 0.72, which is considered high for altcoins. This means a BTC price correction will likely impact XRP price movement this week. If the BTC price rebounds, it could mean a potential buy signal for XRP.

While XRP’s price remains volatile, the legal and regulatory outcomes could set precedents affecting other cryptocurrencies. The recent increase in trading volume and whale activity, as well as the latest updates on EVM sidechain, hint at a potential uptrend.

Despite ongoing market turmoil and significant liquidations, XRP shows the potential for a recovery, supported by recent legal filings and strategic market movements.

News source：https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-analysis-market-updates-coinbase-relists-xrp-whales-accumulate-evm-sidechain-progress.html

The above is the detailed content of XRP Price Analysis & Market Updates: Coinbase Relists XRP, Whales Accumulate, and EVM Sidechain Progress. For more information, please follow other related articles on the PHP Chinese website!