Monero (XMR) and XRP are facing a surge in social volume due to the closure of LocalMonero and continued regulatory scrutiny of Ripple.
According to the latest analysis, Santimento, the social volume surrounding Monero (XMR) and XRP suddenly skyrocketed to extraordinary levels. Recent developments regarding their respective ecosystems have placed the two in the spotlight even more.
In particular, LocalMonero, Monero's peer-to-peer trading platform, closure Due to increased government surveillance. Ripple, on the other hand, is in constant conflict with the SEC, particularly over remedies for illegal sales of XRP and the SEC's branding of future stablecoin projects as crypto assets.
🗣️ #Monero Due to this announcement, it is being discussed with an unusual amount of force. #Local Monero Things are starting to calm down as the government continues to crack down on the situation. $XMR and other privacy-sensitive assets.
🗣️#XRPLedger It is also highly debated for the following reasons: $XRP Price fluctuations,… pic.twitter.com/gaV3ywP2up
— Santiment (@santimentfeed) May 9, 2024
Shutting down LocalMonero
LocalMonero's decision to shut down its service has sparked widespread debate about Monero. Governments are tightening their grip on privacy-focused cryptocurrencies like XMR, impacting platforms that facilitate peer-to-peer trading businesses.
As a result, the surrounding emotions Monero It remains mixed, with a slight positive tilt. Despite the turmoil, Monero's price is $131.85, reflecting a 1.96% increase over the past 24 hours and a 6.85% increase over the past week.
XRP regulatory challenges
Meanwhile, XRP remains subject to regulatory challenges despite being declared unsafe by Judge Annalisa Torres last July. The cloud is due to the struggle Ripple is facing over the remedies it has sought from the SEC in a years-long lawsuit.
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Additionally, the US SEC recently dubbed Ripple's future stablecoin is planned to be an “unregistered crypto asset” in a response to Ripple's counter-preparation. The label raised concerns about potential regulatory challenges that could cause problems for the stablecoin after its launch later this year.
However, despite all this, XRP has gained 2.34% over the past seven days, outpacing the 2.8% gain seen by the broader crypto market.
Market sentiment and technical analysis
In the case of Monero, the exponential moving average (EMA) is below the current price of $128.48, indicating a possible near-term bullish trend. The relative strength index (RSI) was 51.53, suggesting a balanced market with neither overbought nor oversold conditions.
Similarly, for XRP, the 9-day EMA is at $0.5244, currently slightly above the price, suggesting resistance. The RSI is at 44.68, indicating that the market is in a consolidation phase as it awaits regulatory clarity to determine its next move.
In response to this market turmoil, Ripple reach out a hand We will further strengthen our partnership with Tokyo-based HashKey DX and SBI Group and expand our base. The idea is to leverage Japan's land mass with enterprise solutions powered by XRPL. Their initial focus is supply chain finance.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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