- Ripple is trading at $0.6500, off intraday lows.
- Mary Jo White will represent Ripple at court.
Ripple, the third largest coin by market value, is changing hands at $0.6500 after touching intraday low at $0.6340 high during early Asian hours. XRP has been moving down since Monday amid global sell-off on the cryptocurrency markets. Ripple’s market value is $25.9B, average daily trading volume – $480M.
Meanwhile, Ripple Labs employed former SEC chair Mary Jo White to represent the company in a class action lawsuit for the alleged sale of unregistered securities. The lawsuit was filed by investor Ryan Coffey, who lost over $500,000 trading XRP. Coffey claims the company profited from the digital coin’s price rise at the expense of investors, selling the token that should have been registered as a security with the SEC.
In April, the government regulator and former Goldman Saches banker Gary Gensler said that Ethereum (ETH) and Ripple should likely be considered as securities, but this question has not been decided yet.
Ripple technical picture
Technically, XRP/USD has recovered from under 100-SMA (hourly chart) registered at $0.6439. The upside is limited by psychological $0.66 strengthened by short-term sloping trendline and 50-SMA. Once this area is cleared, the recovery may gain traction with the initial aim at $0.6740 and $0.7040 (Monday’s high). On the downside, the support comes at $0.6470 (61.8% Fibo), followed by $0.6100 and $0.6000.
XRP/USD, the hourly chart
Share
