The U.S. Securities and Exchange Commission (SEC) Postpones Decision on XRP ETF Application
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the exchange-traded fund (ETF) application based on XRP, causing temporary market volatility. Despite the uncertainty, XRP prices remain above significant technical support levels.
ETF Delay Elicits Market Concerns
The SEC’s decision to defer its review process for XRP and similar altcoin ETFs has raised questions among investors. Following a pullback to $2.30, XRP shows robust resistance above $2.00. This level is highlighted as both a psychological and graphical support point in technical analyses.
According to Bloomberg analyst Eric Balchunas, the delay does not come as a surprise. Balchunas notes that the process follows the SEC’s standard evaluation methods, suggesting a more thorough examination instead of an abrupt rejection or approval. However, such periods of uncertainty can make the market vulnerable.
Short-term technical indicators offer optimism. Tools like the RSI and Keltner Channel indicate a recovering price trend. Investors continue to assess these signals alongside regulatory news flow.
Ripple CEO Proposes New Payment Model
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CEO Brad Garlinghouse presented a noteworthy proposal on how blockchain technology could revolutionize payment systems. Garlinghouse suggests a model where employees receive payments not periodically but on a per-second, hourly, or daily basis.
Garlinghouse’s approach aims to offer an alternative to the current financial system’s slowness and high transaction costs. Delays in cross-border money transfers particularly affect user experience negatively. Blockchain-based micropayment systems might provide practical solutions for these issues.
The proposal has resonated not only within technological circles but also in the financial sector. Compared to existing infrastructures, blockchain-operated systems become more appealing due to their speed and transparency. This shows XRP as more than just an investment vehicle; it is also a functional payment solution.
XRP’s price movements are influenced by innovative statements like these in addition to technical data. The expansion of usage areas has the potential to impact the price in the medium and long term.