As the cryptocurrency market slightly rebounded over the weekend, John E. Deaton, an attorney for Ripple [XRP], warned that the community must remain vigilant.
The legal professional said that the US SEC, headed by Gary Gensler, was not through with crypto companies.
Deaton also highlighted that the SEC’s decision to double its manpower was intended to bring down the cryptocurrency industry.
In response to a tweet by Bitboy Crypto that noted the bromance between the SEC and the creator of the troubled FTX exchange, Deaton said that the regulatory body was only concerned with enforcement and not their core role.
Deaton elaborated on the SEC’s action plan by adding that the SEC itself might be a significant exchange that adversely affects the market.
As a result of the development, XRP was removed from the list of top-performing cryptocurrencies. According to CoinMarketCap, the price of XRP at press time was $0.391.
Even on a long-term basis, the token failed to produce a noteworthy performance. In the previous 30 days, it has decreased by 20.88%, but the last seven days have seen a tiny gain of 2.70%.
Nevertheless, XRP’s momentum suggested that the fight may not endure for a lengthy period of time. Due to the Awesome Oscillator (AO) being above the equilibrium level, this occurred. This indicated that the momentum of XRP was positive. In addition, the absence of nearby twin peaks suggested that a collapse was not imminent.
At 0.00264, the Moving Average Convergence Divergence (MACD) was below. Even though this was a positive number, both selling and purchasing power was below the zero point. However, since the purchasers demonstrated more dominance, this indicated that XRP was eying a solid bullish advantage.
Despite the bullish potential, Ripple’s NFTs did not follow suit. Santiment said that the volume of NFT trades was at its lowest level since November 13th. At the time of publication, the NFT volume was just $17,300. The collectables beneath the Ripple chain did not seem tempting enough for investors to activate their purchase triggers with such a low value.
As for its battle with regulators, the most recent filing indicated that the conflict was nearing its conclusion. In spite of Ripple’s opposition to the SEC’s move for summary judgement, there was no clarity over who would merge visitors.