XRP Remains Resilient Amid Regulatory Pressure

XRP is the native cryptocurrency of Ripple Labs and the XRP Ledger, which is an open-source, public blockchain designed to facilitate faster and cheaper payments. At the time of this analysis, XRP is priced at $0.47 per token, which inched 0.24% lower over the past 24 hours. A resilient month for Ripple’s cryptocurrency, the token retains a mountainous market capitalization of more than $24.8 billion.

XRP/USD – Monthly Time Frame

So far this year, XRP has registered an increase of nearly 40%, and it would be difficult to grow beyond that if the digital asset falls below the crucial $0.45 mark.

Should it succeed in affirming the $0.45 threshold, breaching it could pave the way for XRP to target the next price level of $0.51. If XRP breaks through this resistance barrier as well a powerful breakout which'll propelling Ripple's XRP to the $0.60 target is plausible.

The Case against Ripple

Ripple Labs has been slammed with a lawsuit which alleges the company of selling unregistered securities. The good news for XRP bulls is that there have been no major consequences on the XRP price tag following the lawsuit.

The ruling has had a minimal effect on the price of Ripple’s digital asset, which has climbed down from the $0.49 mark to $0.46 mark, where it has also found its bottom. The minimal price action serves as proof that even bad news dished out by the regulators don’t necessarily lead to erosion of confidence in the coin that would spell a dramatic price change. In other words, Ripple is showing signs of resiliency face-to-face attempts at its regulation – or rather re-classification as a security.

Is XRP a security?

To date, 68 cryptocurrencies are now seen as securities by the United States Securities and Exchange Commission (SEC), and the list includes XRP and other notable cryptocurrencies. In its recent case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification: BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS) and COTI (COTI).