The New York Department of Financial Services (NYDFS) unveiled on Monday, September 18, revised regulations pertaining to its supervision of virtual currencies, concurrently eliminating Ripple (XRP) from its roster of permitted cryptocurrencies.
In the recent update, the DFS has excluded a number of cryptocurrencies, such as XRP, which is associated with Ripple, and Dogecoin (DOGE), from its approved list of digital tokens and coins.
The omissions align with revised rules aimed at providing clarity about the department’s criteria for listing and delisting regulated firms in the cryptocurrency market.
XRP 1-day price. Source: Finbold
Analyzing recent trading activity, XRP has recorded 16 green days out of the last 30, constituting 53% of its recent trading history.
However, it’s worth noting that XRP is currently trading below its 200-day simple moving average, which suggests a bearish trend. Furthermore, the yearly inflation rate for XRP stands at 15.26%, which warrants careful monitoring as it can impact the token’s long-term value and purchasing power.
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