XRP Improvements Stall Despite Support from Binance’s Changpeng During Recent Live AMA
While the crypto community is still seeking the support of various financial regulatory bodies, there has been an increase in blockchain and crypto firms standing up to them, particularly in terms of defining the legal status of their products. Kik is taking the Securities and Exchange Commission to court over claims that their Kin token was being sold as unregulated security. Ripple is also challenging the CTFC over the notion of XRP being security.
This move has seen the token take a bit of a hit in the first quarter of 2019, which does seem to be looking up, mostly due to the high profile support they have been getting. Probably the most high profile show of support thus far has been from Changpeng Zhao, the CEO of Binance, who has reaffirmed that the XRP token will continue its stay on the Binance platform until the US government declares it as a security. Coinbase also threw its weight behind XRP, announced that the time would be listed alongside bitcoin on their platform. This has allowed XRP to maintain a healthy momentum in the marketplace.
Staying Above Water
The recent chart trends of the XRP token paint a picture of the industry rallying behind it in light of recent events. The token has consistently sold above 25 and 30 cents and market analysts are bullish about its future, should this trend continue.
Currently, the trigger number is 34 cents and r is estimated that should XRP break that figure, it is expected to rise above 40 cents and hopefully, break above 80 cents in the second quarter.
While support from the industry and investors is helping XRP at the moment, the question of the future cannot be avoided, especially with the looming Lawsuit. This one, just like the upcoming Kik case, will be a very important one as it will set the tone for how cryptos are classified in eyes of the law. For a long time, many both inside and outside of the industry were at odds as to what exactly cryptos were and this case could answer this question definitively.
The effect of whatever ruling is given will also affect the rest of the market and not just XRP. It could create a huge wave of support and increased investment or it could stifle activity although.
For now, XRP is responding the support, albeit slowly.