The New York Department of Financial Services (NYDFS) announced revised virtual currency oversight regulations on Monday, September 18, while removing Ripple (XRP) from the list of eligible cryptocurrencies.

In the latest update, DFS has announced a number of cryptocurrencies such as: B. XRP, which is linked to Ripple, and Dogecoin (DOGE), are excluded from their approved list of digital tokens and coins.

The omissions are in line with revised rules aimed at providing clarity on the ministry’s criteria for listing and delisting regulated entities in the cryptocurrency market.

DFS press release

DFS Superintendent Adrienne Harris issued a press release detailing the new token listing procedures.

For organizations dealing with retail customers, the new guidelines establish regulations and raise the bar for assessing the risk of introducing new cryptocurrencies. A DFS-licensed entity could previously vouch for and add storage or trading of digital assets without outside involvement.

The new rules require a more active role for DFS in the supervision of financial institutions and the elimination of previous laxity. There are currently only eight tokens and coins on the new green list, which could impact how crypto firms operate in New York.

XRP price analysis

With a price of $0.5077, XRP is currently showing remarkable resilience in the crypto market. This marks an impressive 0.94% intraday increase and a remarkable 6.09% increase in just a week.

Over the past year, the XRP price has risen an impressive 44%. This performance puts the company at the top of the majority, outperforming a remarkable 85% of the top 100 cryptocurrencies over the same period, although it managed to recoup its significant gains from the victory in the SEC case.

On a technical level, XRP appears to be well supported at $0.48034, providing a solid foundation for possible price swings. Conversely, it faces resistance at the $0.53342 level, indicating a key battleground for traders.

XRP 1-day price. Source: Finbold

Analyzing recent trading activity, XRP has recorded 16 green days in the last 30, accounting for 53% of its recent trading history.

However, it is worth noting that XRP is currently trading below its 200-day simple moving average, indicating a bearish trend. Additionally, the annual inflation rate for XRP is 15.26%, which requires careful monitoring as it can impact the long-term value and purchasing power of the token.

Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.

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