The price of the cryptocurrency XRP has long been influenced by external factors, going back to 2020. XRP worked to gain “greenlit” approved status, but New York’s financial regulator is now changing that status with a new policy update.
The New York Department of Financial Services recently updated its oversight rules for cryptocurrencies. The agency set new requirements for exchanges to list crypto assets. At the same time, it removed XRP and 24 other assets from its approved “greenlist”. However, Bitcoin, Ethereum, and six others remain approved.
Interestingly, the major stablecoin USD Coin was also not included on the “greenlist”. This suggests these assets are not yet cleared for listing on crypto exchanges in New York, and could draw more scrutiny from the agency. In the past, when the SEC sued Ripple, exchanges delisted XRP until Ripple’s partial legal victory.
Another delisting might hurt XRP’s price more now, given the current bearish market conditions. If XRP is delisted per the regulator’s update, its price could decline further, harming investors. Recently, broader market factors already caused XRP to lose its gains from mid-July.
Trading around $0.50, XRP’s price is close to falling below key support. If bullish momentum falters from external impacts, XRP could test lower support around $0.48. Further declines could invalidate the bullish case for XRP.
