XRP On The Radar As Trading Begins On US-Backed Exchange
XRP has been listed on Atlantis Exchange, a platform registered with the U.S. Department of the Treasury. This development comes at a time of regulatory uncertainty surrounding cryptocurrencies, with potential implications for market dynamics and investor sentiment.
XRP Trading On Atlantis Exchange
Atlantis Exchange announced the inclusion of XRP among its supported cryptocurrencies, with trading commencing on March 17 at 5:00 AM UTC. Users can trade the altcoin with the USDB trading pair, offering increased liquidity and accessibility for traders.
Despite the listing, the platform currently supports XRP deposits via BNB Chain (BEP20), indicating that integration with the XRP Ledger (XRPL) has yet to be implemented. While deposits have been accepted since March 13, withdrawal options will be available from March 20.
However, concerns have been raised regarding the reliability of Atlantis Exchange, with accusations of scams and difficulties in withdrawing tokens, prompting caution among XRP investors.
Legal Status Of XRP
Recent legal developments regarding XRP’s status as a non-security provide context for its listing on Atlantis Exchange. Following a court ruling against the SEC and recognition by the European Corporate Governance Institute, XRP has gained regulatory clarity, distinguishing it from other cryptocurrencies entangled in legal battles. This clarity may bolster investor confidence in XRP and contribute to its wider adoption in the cryptocurrency market.
Regulatory Challenges For Cryptocurrencies
Beyond XRP, the broader cryptocurrency market faces regulatory challenges, with allegations surfacing about US President Joe Biden’s purported plans to regulate or “destroy” crypto in the United States.
Proposed measures, including a 30% excise tax on digital mining, have raised concerns among industry experts about their potential impact on the sector and investor value. Such regulatory uncertainty underscores the need for caution and vigilance among cryptocurrency stakeholders.
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Expert Opinions And Market Outlook
Experts in the cryptocurrency sector have weighed in on the regulatory landscape, expressing apprehension about the potential consequences of proposed regulatory measures.
Taras Kulyk, the chief executive of mining hardware company SunnySide Digital, warns that implementing a blanket tax on digital mining could “kill the sector” and wipe out billions of dollars of investor value in the U.S. These concerns highlight the delicate balance between regulatory oversight and fostering innovation within the cryptocurrency industry.
The listing of XRP on Atlantis Exchange represents a significant milestone for the cryptocurrency community, offering increased trading opportunities and liquidity for XRP investors. However, concerns about the reliability of Atlantis Exchange and regulatory uncertainty in the broader cryptocurrency market warrant caution among stakeholders.
Market Performance Of XRP
At the time of reporting, data from Coingecko revealed that XRP was trading at $0.60, indicating a decline of 2.6% and 4.2% in the daily and weekly timeframes, respectively. Despite the news of XRP securing a listing on Atlantis Exchange, the altcoin’s price failed to experience a significant uptick, suggesting that the listing announcement had minimal immediate impact on market sentiment.
The lackluster response of XRP’s price to the listing on Atlantis Exchange may be attributed to various factors, including broader market trends, investor sentiment, and regulatory uncertainties.
While the listing on a reputable exchange like Atlantis Exchange could potentially increase liquidity and accessibility for XRP traders, it appears that other market forces may be exerting stronger influence on XRP’s price trajectory.
Featured image from Pexels, chart from TradingView
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