Ripple’s XRP is attempting a weak recovery, reclaiming the $0.80 mark after tumbling under it during the previous session, with gains being limited by a lack of positive news to drive it higher. At the time of writing, XRP/USD is trading at around $0.807.
Canadian Crypto Exchange Bitbuy to Delist XRP
The latest development that put downside pressure on Ripple’s cryptocurrency was the announcement by Canada-based crypto exchange Bitbuy to delist the XRP token from its platform starting next month. Earlier this week, Bitbuy announced that it will no longer support trading of XRP/CAD and XRP/BTC pairs, requesting users to withdraw their XRP holdings from the platform before the delisting comes into effect on 13 January 2022.
Bitbuy is the latest among several leading crypto exchanges that have delisted the XRP cryptocurrency due to the ongoing lawsuit between Ripple and the SEC. The US regulator went after Ripple alleging that they sold XRP as unregistered securities, causing a significant crash in the XRP price and scaring several platforms from offering it for trading due to the legal uncertainties.
With the lawsuit still dragging on with no end in sight, investor confidence in the XRP is weakening, although it still manages to remain among the top 10 cryptos by market capitalization. However, if the legal proceedings continue to extend further, we can expect more sell-offs in the market which could further pressure Ripple’s cryptocurrency.
SEC Maintains That it Doesn’t Consider BTC, ETH as Non-Securities
Speaking of the lawsuit, the SEC has announced that it never gave the “non-securities” tag to XRP’s peers, BTC and ETH, like Ripple has been claiming in its defense. This comes shortly after US-based non-profit sued the agency over its handling of the case, alleging a potential conflict of interest.
Despite the latest statements from the SEC that it could target Ethereum next once the lawsuit against Ripple is wrapped up, the XRP community firmly believes that the case could go in the company’s favor and that a win could send XRP rebounding higher. Holders maintain that Ripple’s XRP manages to hold on to its rankings within the top 10 cryptos even though it has been facing considerable legal challenges, which is a testament to its potential.
Ripple’s XRP Enjoys Strong Social Volume, Whale Activity
Meanwhile, Ripple’s cryptocurrency could find some support from an uptick in whale activity. Earlier this week, there was a sharp spike in its trading volume after whales or large holders performed large XRP transactions on two leading South Korean crypto exchanges, Bithumb and Coinone, according to data from WhaleAlert. Latest data from Santiment also indicates a strong social volume for XRP, which could be a positive sign that investors still remain active towards Ripple’s XRP.
XRP/USD Technical Analysis
On the H4 chart of XRP/USD, most of the moving averages are suggesting a bearish bias. However, the leading technical indictors MACD and momentum are pointing to some buyers in the market as well.
Ripple’s XRP is trading under the pivot point at $0.841 but the immediate support at $0.747 is holding up nicely. However, a breakdown of the $0.80 level could see the support being tested, so keep an eye on it.