Ripple faces another lawsuit, but market reaction is muted; XRP/USD rangebound at $0.4888

XRP/USD is rangebound, unchanged on the day.
Another private investor files lawsuit against Ripple.

Tanya Abrosimova Independent Analyst

Ripple Labs faces another lawsuit, the third in recent months. According to the suit the company and its CEO has been running and distributing illegal security issuance and promoting XRP cryptocurrency with the aim to increase its value.

"XRP offered and sold by defendants had all the traditional landmarks of a security, yet defendants failed to register them as such. The purchase of XRP constitutes an investment contract as XRP purchasers, including plaintiff, provided consideration (in the form of fiat such as US Dollars and other currencies)in exchange of XRP," according to the lawsuit.

The market' reaction is muted so far as XRP/USD is trading at $0.4888, mostly unchanged on daily basis. The coin peaked on Tuesday at $0.52, where fresh selling orders appeared.

From the technical point of view, the local support comes at $0.4863 (100-SMA, 4-hour chart). If it is cleared, the sell-off may be extended towards $0.4700, strengthened by 50-SMA at $0.4690.

On the upside, the first resistance is produced by at $0.4900, followed by $0.5000.

XRP/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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