- XRP recovery failed, downside resumed.
- Ripple was defined as currency back in 2015.
Ripple, the third largest coin by market value, is changing hands at $0.5198, down over 2% since the start of the day. Ripple’s market value is estimated at $20B, with trading volumes $177M, which is drastically lower from Friday’s $379M. XRP trading is most active at Bitbank and HitBTC.
Ripple is fighting against two lawsuits with claims that XRP is an illegally issued security. While the company denies the accusations, the court decision is not that obvious. Back in 2015, Ripple payed fine to Treasury’s Financial Crimes Enforcement Network (FinCEN) in the amount of $700,000 for “selling its virtual currency, known as XRP, without registering with FinCEN, and by failing to implement and maintain an adequate anti-money laundering (AML) program designed to protect its products from use by money launderers or terrorist financiers,” as quoted by the agreement concluded between the company and the regulator.
Ripple technical picture
XRP/USD is moving within a clear downside trend, with the upside limited by $0.5300 handle strengthened by 50-SMA at $0.5310. Once this area is cleared, the recovery may be extended towards $0.5380/90 (100-SMA, hourly chart) with an ultimate goal at $0.5600, which is 78.6% Fibo retracement level. On the downside, the support is created by $0.5200, followed by June 13 low at $0.5020.
XRP/USD, the hourly chart
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