The post Ripple’s XRP in Turmoil: SEC Lawsuit and Partnership Review Sparks Investor Concern appeared first on Coinpedia Fintech News
The XRP market is showing signs of consolidation, adopting a somewhat bullish engulfing pattern, while other well-established altcoins like Litecoin (LTC) and Bitcoin Cash (BCH) have experienced notable gains in recent weeks. The ongoing SEC vs Ripple lawsuit has undeniably had a significant impact on the XRP market, with liquidity levels in the United States reaching critical levels for this particular asset. Furthermore, several centralized exchanges have already delisted XRP in order to avoid escalating conflicts with the SEC.
With such complex market dynamics at play, it’s essential for investors to stay informed. Read on!
Analyzing XRP’s Market Performance
As per our latest crypto data oracles, the $25 billion XRP asset has reported a 24-hour trading volume of approximately $1 billion. The monthly Ripple sales have sparked various reactions in the market, especially in light of the ongoing lawsuit which involves similar sales. The fact that Ripple has the ability to flood the market with a billion XRP every month raises significant concerns regarding the decentralized nature of this cryptocurrency.
Currently trading around 49 cents, XRP has seen a modest increase of approximately 1.23 percent in the past 24 hours. Market analysts expect the XRP market to break out of its consolidation phase in the near future. Furthermore, the XRP price action has been consolidating in a bullish flag pattern, which often leads to a rising trend.
Citigroup’s Partnership: Alarm Bells are Ringing!
According to a recent report by bloomberg
, Citigroup Inc. is presently reevaluating its digital-assets custody partnership with Swiss fintech firm Metaco, which was recently acquired by Ripple for $250 million. The major bank has reportedly initiated informal discussions with other digital asset custody providers.
Read More Here: Ripple Acquires Metaco in $250M Crypto Custody Deal, XRP Price Surge Nearly 6%
As these developments unfold, there is a growing concern that if Citigroup triggers a chain reaction, it could prompt other firms to sever ties with Metaco.