Ripple price analysis: XRP/USD climbs above $0.4600 as Ripple compaly says XRP is not a security

XRP/USD is trading at $0.4624, 0.7% higher on a daily basis amid positive market sentiments. XRP's market value is registered at $18.1B with the average daily trading volume $221M . 

Meanwhile, Ripple company tries to stem speculations about XRP's legal status and claims that it is not  a security. 

“Everyone is free to say what they want or pursue their own agenda in the media, but ultimately the facts around XRP will win out over uninformed speculation,” spokesman from Ripple explained in the interview with Express.co.uk.

“XRP doesn’t give its owners shares in Ripple, the XRP Ledger is decentralised among 150 plus independent validators - Ripple operates only 14 of them - and XRP would continue to exist even if Ripple disappeared tomorrow. Based on these facts - and many more - we continue to believe XRP should not be classified as a security," he added

XRP is in the center of discussions, plagued by several law suits from disappointed investors, but the US regulatore has yet to voice their opinion on the matter.

Ripple's technical picture

From the technical point of view, XRP/USD stays above both 50 and 100-SMA (1-hour chart) at $0.4582 and $0.4555; fresh buying interest spotted around this area, keeps XRP's short-term bears at bay; however, if this area is cleared, the downside may be extended towards $0.4500 and $0.4290 (Friday's low). On the upside, the local resistance comes at $0.4653 (200-SMA) and $0,4800. 

XRP/USD, 1-hour chart