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XRP Outperforms By Adding Over 6% Daily Even In Bloodbath

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The crypto market has recorded many devastating events in recent times. Since the market crash in May, crypto asset prices have behaved differently every week. Sometimes price outlook is positive, but other times, it is worse. 

From September 15 to date, the volatility in the market has skyrocketed. Asset prices are more bearish than bullish. The merge brought a series of price fall starting from Bitcoin, which lost $1000 a few minutes after the upgrade. 

Related Reading: Investors Withdraw ETH Holdings Despite Successful Ethereum Merge

Ethereum and other altcoins also lost their price gains and have continued trading in red till September 21. But amid the bloodbath, Ripple has continued adding instead of losing. 

Ripple’s XRP Price Keeps Appreciating

Ripple XRP has continued adding at least 6% every day recently. XRP price history from the time of the market crash to date shows that the coin hasn’t recorded a terrible plunge yet. It has continued trading around a price range of $0.3733 and $0.3421 through the months after the crash.  

Currently, Ripple XRP price stands at $0.3968, showing a price decrease of 5.20% in the last 24 hours, adding over 17% in the week. Early on September 21, the coin gained above 6% before settling down. This price gain is marking a continuous addition in three consecutive days. 

On September 20, Ripple XRP gained more than 6.38%, pushing its price to $0.3788. On the same day, its 1-hour gain and 7 days price growth were all green, indicating a positive trend. Following the uptrend, experts predicted that XRP might climb above $0.40, which occurred today. 

Ripple was also affected on the merge day as it dipped to $0.3256 at the close of the market. But a few days later, on September 20, ripple spiked to $0.38, kicking off a three-day price gain to September 21. 

It is not surprising that Ripple is adding amid the bloodbath in the crypto market. The major event that could spike such positive sentiment remains the upcoming ruling on its case with the Securities and Exchange Commission. 

The battle that started in 2020 is seemingly coming to an end. Both Ripple and SEC have called on a Federal Judge for a ruling. The recent event has kicked off a positive market sentiment towards XRP. 

Ripple’s XRP price is currently trading around $0.40. | Source: XRPUSD price chart from TradingView.com

How is The Rate Hike Expectation Affecting the Market? 

Today is the long-awaited day for the Feds meeting. The market is anticipating a new interest rate increase after long deliberations. The fear of the outcome has kept many crypto asset prices in the red.  

For instance, Bitcoin price continues to struggle around the $19k level. Currently, BTC is trading at around $19,263 on the TredingView price chart. The price has continued to fluctuate since the day broke on September 21. 

Notably, the price started in red but has regained a little pushing its 1 hour and 24 hours gain to the green side. But bitcoin 7 days price is still in red, showing 5.17% losses. 

Ethereum and other altcoins also started off in the red this morning. But at the time of writing, ETH has added 0.84% and 0.50% to its 1-hour and 24hrs gains, pushing them to the green side. But its 7 days price loss is still red at 15.35%, making it a leader amongst others. 

Related Reading: Report Shows Ethereum Might Take Another Hit, Is It Possible?

After the announcement today, crypto prices might plunge or start a slight recovery. If the Feds continue with the 75 bps, the sentiment might be positive. 

But a hike to 100 basis points will send the market galloping downhill. 

Featured image from Pixabay and chart from TradingView.com

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Russia’s MOEX Proposes Receipts For Digital Financial Assets

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Russia’s Default Debt - Episode 2
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  • DFA receipts may be exchanged as securities as per the proposal.
  • Those who aren’t ready to engage with distributed ledgers can benefit from this.

In order to allow depositories to issue receipts for digital financial assets (DFAs). Russia’s primary equity and derivatives market has proposed new laws. Under the lack of a more explicit definition, the word “DFAs” in current Russian legislation embraces cryptocurrencies. However, it primarily refers to digital coins and tokens that have an issuer.

According to Sergey Shvetsov, director of the Moscow Exchange’s (MOEX) supervisory board, DFA receipts may be exchanged as securities under such an arrangement. At the most recent meeting of the International Banking Forum, the official highlighted that the exchange “will naturally enter this market.”

Seeking Licence For DFA Exchange

MOEX has submitted the requisite legislation to the CBR. And will be working in tandem with the Ministry of Finance on this matter. Those who aren’t ready to engage with distributed ledgers. And are wary of custodial concerns will be able to transfer these risks and issue securities thanks to the law, said Shvetsov.

He went on to explain that the Moscow Exchange also wants to seek a license from the CBR to operate as a digital asset exchange. Further adding “In order for DFAs to develop, we want to propose that the market itself makes the choice – blockchain accounting or depositary accounting.”  MOEX said in August that it will debut a DFA-based offering before the year was over.

However, it is still unclear whether authorities would allow the unrestricted movement of digital assets such as cryptocurrencies inside the country, despite rising support in Moscow to authorize their use for international settlements in light of sanctions. The chairman of Russia’s legislative Financial Market Committee says the country must build its own crypto infrastructure anyway. 

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Russia To Legalize Crypto For Cross Border Payments

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Miner Chandler Guo Predicts ETHW To Surge 100x

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Bank Of America Suggest Wider Eth Adoption After Merge
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