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Following in the footsteps of Coinbase, Ripple (XRP) published a proposal for a regulatory framework for cryptocurrency dubbed “A Real Approach to Cryptocurrency Regulation” yesterday. The company explained that the proposal was its “vision for how existing financial regulatory frameworks can be used to advance innovation and enhance consumer and market protections,” elaborating that:
“Today, we were proud to release our vision for ‘A Real Approach to Cryptocurrency Regulation,’ a framework designed to offer an immediate and pragmatic approach to cryptocurrency and digital asset regulation in the United States.”
The blockchain company added that it believes that “the best public policy outcomes can be achieved by public-private collaboration, adapting existing regulatory frameworks, and fostering crypto innovation sandboxes,” three key recommendations highlighted in the proposal.
The company noted that:
“Ripple believes that our proposal will ensure the U.S. succeeds in nurturing crypto innovation within its borders while also maintaining the strong consumer and investor protections it’s known for.”
Commenting on the publication, Ripple CEO Brad Garlinghouse explained that:
“Our proposed policy framework is a three-pronged approach of what can be done now to provide clarity to one of the fastest-growing industries in the U.S. It’s also the result of our direct interactions with regulators and bipartisan policymakers.
The crypto industry is stepping up to the plate for public-private collaboration on policy – no question about it – and we will continue to seek to work together on the optimal path forward.”
The company concluded by noting that: “All of the proposed measures discussed in this framework seek to provide legal clarity to industry, markets, and consumers in a way that an ad hoc, [the] regulation-by-enforcement approach simply cannot.”
Key Ripple Levels to Watch — November 17
XRP has stumbled hard to its lowest point in November, following a marketwide crash triggered by intense profit-taking. The seventh-largest cryptocurrency fell to its prevailing support base at $1.0500, bolstered by my ascending trendline and $1.1000 – $1.0500 pivot zone yesterday. XRP has since rebounded slightly from the crash and currently trades along the multi-month trendline.
That said, XRP has now entered oversold and “Fear” territories, indicating that the bearish move might not prevail. I expect to see a sideways pattern around my pivot area in the near term.
Meanwhile, my resistance levels are $1.1000, $1.1500, and 1.2000, and my support levels are $1.0500, $1.0000, and $0.9500.
Total Market Capitalization: $2.57 trillion
Ripple Market Capitalization: $50.5 billion
Ripple Dominance: 1.96%
Market Rank: #7
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