XRP Price Action Muted by Market Indecision, Ripple Pushes for UK Crypto Clarity
XRP’s price gains are being hampered by low market activity, trader indecision, and a cautious Federal Reserve. Meanwhile, Ripple is urging the United Kingdom to prioritize a growth-driven regulatory framework for digital assets.
- XRP’s price is struggling due to broader market uncertainty.
- Ripple is advocating for clearer UK regulations to foster innovation.
- Key levels to watch: $2.09 support and $2.24 resistance.
Ripple’s XRP is currently trading around $2.15, reflecting a bearish technical bias. This subdued price action mirrors a general sluggishness in the cryptocurrency market, overshadowing even positive news such as the recent launch of spot XRP ETFs in Canada.
Interest in cryptocurrencies, including XRP, remains limited despite the Federal Reserve holding interest rates steady. The Fed’s cautious stance, citing potential inflation from tariffs, further contributes to market hesitancy.
Ripple Urges UK to Advance Stablecoin Adoption
Ripple believes the UK has a significant opportunity to become a global leader in digital assets. However, this requires developing a regulatory framework that encourages innovation and promotes inclusivity.
In a recent blog post, Ripple stated that it urged the UK government to prioritize clear regulatory frameworks, especially for institutional cryptocurrencies, during the London Policy Summit earlier this year.
The company emphasizes the importance of swift action on stablecoin regulation to support interoperability with international players. Ripple praised the UK’s proposal to allow foreign-issued stablecoins to circulate, which could solidify the country’s position as a global financial hub.
Ripple also noted that the UK government and its regulators are making progress towards tokenization standards, which have the potential to transform financial markets.
“With more stablecoin use cases being tested, and tokenized financial assets gaining traction in traditional finance, the UK’s regulatory landscape must evolve now to capitalize on this opportunity and further solidify its position as a leader in global finance,” Ripple stated.
This call for accelerated digital asset regulations in the UK comes as the US Senate’s Guidance and Establishing Innovation for US Stablecoins (GENIUS) Act advances towards the House.
Technical Outlook: XRP Trading Sideways
XRP’s price is largely trading sideways, caught between support at the 200-day Exponential Moving Average (EMA) at $2.09 and a confluence of resistance at $2.24, where the 50-day and 100-day EMAs converge.
The Relative Strength Index (RSI) has been trending downwards, indicating a bearish bias since its peak in mid-May. A continued decline towards oversold territory could further pressure the price downwards.
A break below the 200-day EMA support at $2.09 could lead to a trend reversal. Traders should also be aware of the possibility of a further drop towards the $1.80 support level, which was tested in early April.
Conversely, a recovery above the $2.24 resistance could push XRP towards the descending trendline resistance. A breakout above this trendline could reignite interest in XRP, potentially driving the price towards $2.65 and $3.00 resistance levels.
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