- New York’s DFS drops XRP and DOGE from its approved crypto list.
- XRP is trading in the $0.50 range with potential price movement.
The New York Department of Financial Services (DFS) has made significant waves in the cryptocurrency world with its latest move to revamp its “greenlist” of approved cryptocurrencies. According to crypto lawyer Bill Morgan, DFS removed assets like Ripple (XRP) and Dogecoin (DOGE), while Bitcoin (BTC), Ethereum (ETH), and the PayPal Dollar retained their approval status.
DFS has taken a proactive stance in regulating digital assets, positioning itself as a pioneering force nationally, despite Congress’s hesitance to enact comprehensive crypto regulations. This fame is largely attributed to the DFS’s BitLicense program and its specialized virtual currency unit.
Further, this decision to delist 25 assets has ignited debates within the crypto community and raised questions about the track of cryptocurrency regulation.
XRP Shows Positive Sign in 24H
Despite recent regulatory actions, the cryptocurrency market has shown signs of a slight recovery from its two-week lows. At the time of writing, XRP is trading at $0.5082, resembling the early July 2023 range, with stable trading volumes. Notably, XRP has witnessed a 3% increase in the last 24 hours, accompanied by a significant 84% surge in daily trading volume to reach $1.6 billion.
Also, the latest data from Kaiko, a blockchain analytics firm, reveals that while XRP prices have fallen by 46% from their July 2023 highs, liquidity for the cryptocurrency has significantly improved over the past two months. Expanding by 50% from $8 million to $12 million as of early September.
Moreover, price action highlights that XRP experienced a rapid surge on July 13, surging nearly 100% from $0.47 to $0.933. Optimism prevailed, anticipating further gains that could propel XRP prices above the $1 mark. However, prices have been gradually cooling off since then.
