Ripple price analysis: XRP/USD bearish momentum gaining steam; Brad Garlinghouse faces a new lawsuit

Ripple price lost momentum during the trading yesterday on July 4 after trading marginally above the critical resistance zone at $0.50. XRP/USD even broke below the 61.8% Fibonacci level with last swing high of $0.51 and a swing low of $0.451, although the short-term support at $0.485 came in handy. The upside is currently limited by the 50 SMA and the broken support at 61.8% Fibo.

In other news related to Ripple, the company has been hit with the third lawsuit in a period of two weeks. The lawsuit also mentions the founders of Ripple. The plaintiffs say that the founders of Ripple Labs has made money illegally and broken securities laws in the United States. The plaintiffs maintain that the investors were misled into buying into the unregistered XRP tokens. The class-action suit is seeking to see that the plaintiffs are refunded and the defendants pay for misleading investors and breaking the Corporate code in California. Ripple’s CEO Brad Garlinghouse was also mentioned in the filed case which states that Ripple has an ICO that never ends.

In the meantime, a bullish trend is in progress at the time of writing. The MACD is in the negative levels but it is heading towards the positive. The 50 SMA is moving to cross above the longer term 100 SMA. As mentioned in the first paragraph both the 61.8% Fib level and the 50 SMA coincide to limit the gains at $0.492. Another moving average resistance is highlighted at $0.493. The zone at $0.495 is a short-term breakout for the intraday trading, but the target is at $0.505 (upper supply zone). On the flipside, a stronger support can is seen at the 50% Fib level slightly above $0.480.

XRP/USD 15’ chart