Coin Edition -
- ‘A Chain of Blocks’, presenter says XRP is teetering on the edge.
- EGRAG CRYPTO projects $2 inbound for the embattled cryptocurrency.
- XRP’s current behavior is similar to 2021, before it surged to $2.
According to a presenter of the crypto YouTube channel ‘A Chain of Blocks’, XRP is teetering on the edge. The channel presenter referenced an X post by EGRAG CRYPTO, which projected a $2 inbound for the embattled cryptocurrency.
The presenter’s reference includes a technical analysis by EGRAG CRYPTO showing XRP’s historical performance, indicating that XRP is undergoing a retest phase following its recent breakout. According to the Chain of Block’s presenter, XRP exhibited a similar behavior in 2021 before surging to $2.
In his presentation, the channel’s host noted a recent interview where Sturat Alderoty, Ripple’s Head Attorney, addressed the current state of Ripple and XRP. According to Alderoty, several regions of the world have adopted rational regulatory frameworks that are not looking to push out innovation. He stated that those regions welcome crypto practitioners who satisfy the rigorous regulatory regimes.
Alderoty criticized the situation in the U.S., arguing that the regulators have lost their way. According to him, instead of adopting sound policies, the government focused on politics and power, leading to a situation where the responsible agencies were fighting over who would get to control the technology from a regulatory perspective.
The attorney reminded viewers that his organization won the case against the Securities and Exchange Commission (SEC), which alleged that XRP was a security. Alderoty thinks winning the lawsuit and clarifying that XRP is not a security gives the digital token clarity in the U.S.
Despite the milestone achievement by Ripple and XRP, Alderoty remained skeptical about a positive development for the crypto token and the entire industry soon. According to him, although some policymakers are trying to take the lead to come up with rational regulatory policy proposals in the US, there is a slim chance of anything moving forward in the current Congress or the next.
The post Analyst Says XRP is Teetering on the Edge: Mulls a Return to $2 appeared first on Coin Edition.