According to the World Economic Forum (WEF), Ripple Labs (XRP) has been accepted as an official partner.
This is a major step forward for Ripple, as the WEF is a well-known organization with a global presence. Ripple aims to increase its exposure and promote its technology worldwide through this new partnership.
In partnering with the blockchain firm, the WEF stated that “Ripple is doing for value what the internet did for information: enabling its instant and seamless flow around the world.” They also emphasized how “Ripple is developing and enabling future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
In spite of this important show of support, XRP is still in a clear downtrend ; this can be seen easily on a year-over-year chart where bears are definitely in control. In fact, on Aug. 18, the token took a dive of 10% from $0.3621 down to $0.3367—and more downside is possible.
On a monthly basis, and before the Aug. 18 dump, Ripple’s native token had been nicely consolidating in a sideways channel between the $0.3934 and $0.3628 range, giving traders reason to believe that maybe a retest of the $0.40 was on the way.
Obviously, this did not happen as the market’s bias on the coin remains bearish, suggesting a retest and perhaps even a break below the $0.33 point. So, unless the bulls start to mount a significant defense at XRP’s current $0.3360 trading price, a breakdown below that level is highly probable. If that occurs, XRP may plunge towards its previous support of $0.31; conversely, if bulls maintain their position above $0.33, we could see XRP attempt to reclaim its previous resistance at $0.35.
SEC v. XRP
The digital asset XRP is caught in the middle of a legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the company behind the asset. The SEC has accused Ripple of selling unregistered securities, and the case is now in court. In fact, it has been since Dec. 2020.
Both sides have their arguments, and the case will likely have major implications for the cryptocurrency industry as a whole. Those who support Ripple argue that XRP is not a security and that the SEC is overreaching. They believe that the case could set a precedent that would stifle innovation in the industry.
On the other hand, the SEC argues that Ripple violated the law by selling unregistered securities. The agency believes that Ripple knew that what it was doing was illegal and that it should be held accountable.
The outcome of this case will likely have major implications for the cryptocurrency industry, so it is definitely one to watch.
Price Action
At the time of writing, the $16.5 billion market cap XRP was trading at $0.3357, down 2.80% on the day.
Disclaimer: This article is provided for informational purposes only. It is not intended to be used as investment or financial advice
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The WEF (World Economic Forum) is an existentially EVIL globalist organization. And one you should not be touting as a “major step forward for Ripple”.
I am a MAJOR whale in XRP (6 figure stash, as well as other crypto), and I have a great deal of confidence in the Ripple software and their ability to accomplish what they’ve set out to do. And in their ability to defeat the SEC!
However, I am utterly REPULSED by any connection they have with the WEF!
You should read about the vile founder of the WEF, Klaus Schwab. He is one of the most dangerous and evil men on the planet.
His books on the Great Reset, his plan to destroy the middle class, and turn their hard-earned wealth over to himself and his “1 percenter” elitist cronies, are horrific looks into the cruel machinations of a depraved mind.
Klaus Schwab should be arrested and put on trial for attempted crimes against humanity. As should the thoroughly evil leaders of the WEF. And this vile globalist organization should be immediately shut down for the good of humanity.
You REALLY need to read about this organization, and its foul founder, before you promote it any further. That is, if you care about humans.