Ripple’s XRP is back in the spotlight—but not for the reasons you’d expect.
Recently, Hong Kong’s Securities and Futures Commission (SFC) released its highly anticipated list of approved cryptocurrencies for trading, and one big name was missing – XRP. With Bitcoin, Ethereum, and Chainlink making the cut, XRP’s exclusion led to a sharp 12% price, and left many wondering: What’s happening?
The answer could have big implications for XRP’s future, and it’s not one you’ll want to miss.
Why Did Hong Kong Exclude XRP?
Hong Kong’s SFC has been carefully regulating the crypto market, making sure only select cryptocurrencies meet the required standards. The regulator recently granted licenses to platforms like PantherTrade and YAX, allowing them to operate in the region.
However, the approved list of tradable assets was limited, leaving XRP off the list.
Legal Issues to Blame – Yet Again
Many believe XRP’s exclusion is tied to Ripple’s ongoing legal battles, particularly its lawsuit with the U.S. Securities and Exchange Commission (SEC). The lawsuit has raised uncertainty about whether XRP should be classified as a security or a currency, which has left the market uncertain.
This legal situation may have led Hong Kong’s financial authorities to take a cautious approach, avoiding any potential complications regarding XRP’s status on the global stage.
Understanding Hong Kong’s Crypto Regulations
Hong Kong’s strict regulatory rules play a key role in this decision. The SFC has set high standards for crypto exchanges, which include strong anti-money laundering (AML) and counter-terrorism financing (CTF) measures. To date, only ten platforms have met these high standards, and the SFC has extended its review period to evaluate more exchanges.
XRP Price Analysis
XRP’s exclusion from the list had an immediate effect on its market performance. The token saw a 12% drop in price, falling to around $2.45. Alongside this price decline, XRP’s open interest also dropped to a monthly low of $3.52 billion, down from its all-time high of $7.62 billion in January.
From a technical perspective, XRP is currently trading below key moving averages, such as the 10-day EMA at $2.48 and the 21-day EMA at $2.54. This suggests that XRP could face more downward pressure in the near future, especially as market sentiment remains uncertain.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed