#MajorAirdropWatch
XRP Price Slips Again. These 2 Factors Will Decide Where the Red-Hot Crypto Goes Next.
XRPUSD
+1.88%
was falling on Tuesday. It’s starting to look like the cryptocurrency’s massive gains have fizzled out.
The token was down 1% to $2.22 in early trading, according to data from Kraken—it’s more than 5% down over the past 24 hours. Rivals Bitcoin
BTCUSD
+3.35%
and Ethereum
ETHUSD
+3.37%
were both up 1.7%.
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XRP has surged more than 300% since President-elect Donald Trump’s election victory last month. Traders hope that the incoming Trump administration will ease the legal pressure on Ripple Labs, which issues the cryptocurrency and uses it to settle and facilitate transactions on its digital payments platform.
Last week, Trump picked the crypto-friendly Paul Atkins to replace Gary Gensler as head of the Securities and Exchange Commission, and bulls hope he will drop the agency’s long-running case against Ripple. The SEC charged the company with selling an unregistered security to investors in 2020, and in October it appealed a court ruling that stated Ripple’s XRP sales hadn’t violated investor protection laws.
The resolution of SEC’s case could “serve as a significant catalyst” to drive the price of XRP higher, Bitget Research’s chief analyst Ryan Lee said Tuesday.
He added that wider adoption of Ripple’s payments system, which is designed to speed up transactions across borders, could also boost the token by “solidifying XRP’s role in the financial ecosystem.”$BTC
