Why does XRP lack in the list of Hong Kong crypto? The token faces a 12% accident

The Ripple XRP is back under the spotlight, but not for the reasons you expect.

Recently, the Securities and Futures Commission of Hong Kong (SFC) published its long -awaited list of cryptocurrencies approved for trading, and a big name lacked – XRP. With Bitcoin, EthereumAnd Chainlink doing the cut, the exclusion of XRP led to a net price of 12% and left a lot of questions to ask: what is happening?

The answer could have great implications for the future of XRP, and this is not the one you want to miss.

Why did Hong Kong exclude XRP?

The Hong Kong SFC carefully regulated the cryptography marketMake sure that only cryptocurrencies comply with the required standards. The regulator recently granted licenses to platforms like Panthertrade and Yax, allowing them to operate in the region.

However, the approved list of negotiable assets has been limited, which leaves XRP outside the list.

Legal problems to blame – again

Many believe that the exclusion of XRP is linked to Ripple’s ongoing legal battlesIn particular its trial with the American Commission for Securities and Exchange (SEC). The trial has aroused uncertainty as to whether XRP should be classified as a guarantee or a currency, which has left the market uncertain.

This legal situation may have led the financial authorities to Hong Kong to adopt a cautious approach, avoiding potential complications concerning XRP status on the world scene.

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Understanding cryptographic regulations of Hong Kong

Hong Kong’s strict regulatory rules play a key role in this decision. The SFC has established high standards for Crypto exchanges, which include high measures of anti-demented financing (LMA) and terrorism financing (CTF). To date, only ten platforms have complied with these high standards, and the SFC has extended its examination period to assess more exchanges.

XRP price analysis

The exclusion of XRP from the list had an immediate effect on its performance on the market. The token experienced a 12% drop in price, falling to around $ 2.45. In addition to this drop in prices, the open interest of XRP has also dropped to a monthly low $ 3.52 billionLooking at its summit of $ 7.62 billion in January.

From a technical point of view, XRP is currently negotiated below the medium of key moving, such as the EMA from 10 days to $ 2.48 and the EMA from 21 days to $ 2.54. This suggests that XRP could face more downward pressure in the near future, especially since the feeling of the market remains uncertain.

Faq