- XRP maintains price above $0.50 even after being delisted from the NYDFS Greenlist.
- SEC’s challenge to Ripple’s XRP token security status looms, but analysts remain bullish with a price target of $1.31.
XRP’s Unexpected Resilience Amidst Regulatory Obstacles
Despite the New York Department of Financial Services (NYDFS) removing Ripple‘s XRP token from its esteemed Greenlist, the cryptocurrency has demonstrated significant resilience. On Wednesday, XRP’s price hovered above the crucial $0.50 support level, proving its fortitude even as the broader market faced setbacks.
Delisting by NYDFS: Ripple’s Brief Stumble?
Ripple’s removal from the NYDFS Greenlist on Monday might have been a potential blow for many digital assets. However, market participants observed that aside from major cryptocurrencies like Bitcoin and Ethereum, only a few other digital coins remained listed. This move from the NYDFS arrives amidst a broader shift in their stance on crypto assets and firms. Early Monday directives from the regulatory body urged virtual asset companies to bolster transparency and enhance their standards for token listing and delisting.
Despite this regulatory pushback, XRP‘s price persisted above the $0.50 mark, with experts echoing their optimistic forecasts for the cryptocurrency’s future.
Analysts’ Bullish Forecast: Aiming for $1.31
Prominent crypto analyst @Coins_Kid has a robust prediction: XRP could reach $1.31 in the coming months. This bullish perspective hinges on XRP’s price remaining above its August low. A dip below the $0.4227 level could potentially invalidate this projection.
Another recognized analyst, @CryptoKaleo, conveyed to his substantial following of 596,400 that they are long on XRP. Kaleo pointed out the XRP price (in its USD pairing) has found support post the July decision levels, while its Bitcoin pairing stands on the cusp of a High Tight Flag (HTF) breakout.
Kaleo also postulates that given the SEC’s track record in 2023, it is plausible that their appeal might be dismissed, paving the way for XRP‘s full recovery. As of this article’s composition, XRP’s price stands at $0.5099 on Binance, having gained 1.39% on the day.