The XRP market continues to consolidate in somewhat a bullish engulfing pattern despite other veteran altcoins – including Litecoin (LTC), and Bitcoin Cash (BCH) – registering significant gains in the past few weeks. Undoubtedly, the ongoing SEC vs Ripple lawsuit has significantly suppressed the XRP market, with liquidity in the United States at critical levels for the asset. Moreover, existing centralized exchanges have already delisted XRP to avoid escalated clashes with the SEC.
XRP Price Faces Imminent Tipping Point
According to our latest crypto data oracles, the $25 billion crypto asset reported a 24-hour trading volume of about $1 billion. Concerns over the monthly Ripple sales have raised different reactions in the market amidst the ongoing lawsuit that involves similar sales. Moreover, the fact that Ripple can flood the market with a billion XRP monthly is a huge concern to its decentralized nature.
Trading around 49 cents on Tuesday, up approximately 1.23 percent in the past 24 hours, the XRP market is expected to break out of the consolidation soon. Moreover, the XRP price action has been consolidating in a bullish flag that often yields a rising trend.
According to a report by Bloomberg, Citigroup Inc. is currently reviewing its digital-assets custody partnership with Swiss fintech firm Metaco which was recently acquired by Ripple for $250 million. Reportedly, the major bank has started informal talks with other digital asset custody providers. As the developments unfold, the biggest fear is if Citigroup triggers a chain reaction leading to other firms leaving Metaco.
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