XRP experiences a detrimental price drop as John Deaton suggests that there will be no crypto regulation before 2025
The Decline of XRP Price Continues Amidst Uncertain Market Conditions
Ripple Loses CFO Amidst Ongoing Legal Battles
Ripple, has faced a setback as its Chief Financial Officer (CFO), Kristina Campbell, resigned from her position this week. Campbell had been with the company throughout the investigation and court proceedings initiated by the Securities and Exchange Commission (SEC). Despite Ripple’s partial victory in the lawsuit earlier this year, the lack of clear regulations in the crypto market has created uncertainty.
Uncertain Future of Crypto Regulations in the United States
John Deaton, a supporter of Ripple, recently shared his thoughts on the future of crypto regulations in the United States. According to Deaton, it may take until the second half of 2025 for meaningful legislation to be implemented. Until then, Ripple and other cryptocurrencies will have to continue their fight against regulatory bodies like the SEC, CFTC, and FED.
XRP Price Decline and Technical Analysis
Currently trading at $0.483, the price of XRP has been steadily declining. It is now approaching a support line at $0.476. Just a week ago, XRP was on an upward trend, but it has since dropped by over 10.7%. This decline not only broke the upward trend but also the psychological support level at $0.500.
The Relative Strength Index (RSI), an indicator used to analyze market trends, is currently in the bearish zone, sitting below the neutral line at 50.0. This suggests that the bearish momentum is increasing, which could lead to more selling by investors and further price decline.
The Importance of Sustaining the $0.476 Support Line
It is crucial for XRP to maintain the support line at $0.476. If this support is lost, the price could drop to a three-month low of $0.450, a level last seen in July. However, the Ripple community has always been influential in driving price action. If the community rallies behind XRP, it could help the cryptocurrency recover and reclaim the $0.505 support line. This would invalidate the bearish outlook and potentially lead to further price recovery.