Cryptocurrencies Price Prediction: Ripple, 1inch & ZRO – European Wrap 21 June

XRP struggles to recover as Ripple CEO Brad Garlinghouse will face trial in civil lawsuit

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

In an interview back then, Garlinghouse said he was being “long” on XRP while mass selling the altcoin, words that a judge will need to determine if they were “misleading,” as the civil securities lawsuit alleges. 

1Inch looks poised for downward correction

1inch (1INCH) price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average (EMA) on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. This development could lead to a downward correction in 1inch’s price.

1inch price retraces by 3% and trades around $0.415 during the European session on Friday after a rejection by the 200-day Exponential Moving Average (EMA) at $0.443 the day before. The 200-day EMA roughly coincides with the daily resistance level at $0.446, making it a crucial resistance level.

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s newly-launched token ZRO has noted a double-digit price decline one day after its launch. The drop can be attributed to a new mechanism deployed for claiming airdropped tokens, which requires eligible addresses to pay $0.10 in USD Coin (USDC), USD Tether (USDT) or Ether to claim the token. 

While The LayerZero team said this is effective in weeding out manipulative bots and Sybil entities, this has enraged crypto traders, who broadly seem to agree that ZRO token’s distribution “is not an airdrop.”