Ripple price analysis: XRP/USD capped by $0.60 as Ripple company joins crypto lobby group

XRP/USD is changing hands at $0.5962, off Asian high reached at $0.6047. Despite this retracement, the third largest coin by market cap is still 3.5% higher day-on day basis. XRP’s market capitalization has settled at $21.3B, down from the recent peak of $23.5B, while an average daily trading volume is set at $1.4B.

What’s going on

Ripple company joined the group of fintech companies and startups that had bundled together to lobby cryptocurrency and blockchain issues in Congress. Along with Ripple, the organization called Securing America’s Internet of Value Coalition (SAIV) includes  Ripple Works Foundation, a digital payment company Coil, a digital-asset focused investment firm Hard Yaka, and PolySign, a startup that aims to become a crypto custodian.

The group’s interests will be represented by a lobbying firm Klein/Johnson Group, which will receive payment for its services in USD and XRP. 

“We understand this is really complicated, and there is a lot of misinformation out there. The good news is there is a lot of interest in this topic in D.C,” Chris Larsen, executive chairman of Ripple, commented the news.

XRP’s technical picture

Looking technically, XRP/USD is supported by $0.5725 (SMA50, 1-hour chart; this support is closely followed by short0term upside trendline at $0.5600, which is likely to hold bears at bay. Once it is cleared, the downside may be extended towards $0.5523 (SMA100, 1-hour) and $0.5320 (SMA200, 1-hour). On the upside, the recovery is limited by $0.6000 so far followed by Sunday’s high at $0.6227.

XRP/USD, 1-hour chart