Tanya Abrosimova
Independent Analyst
- Ripple company loses the first battle of the long litigation fight.
- XRP/USD continue sliding after a failed recovery attempt.
Meanwhile, Ripple Lab is bogged down in the litigation with the rivaling company R3 Holdco. The later claims that Ripple Labs failed to pay 5 billion of XRP coins under the partnership agreement, while Ripple accuses the former partner of misleading representation.
Anyway, Ripple Lab won't have a privilege of home-court hearings, as San Francisco state appeals court denied Ripple’s bid, Bloomberg writes.
The resistance $0.8300 proved to be too strong for XRP bulls. The coin came close to the above-said level only to face more selling pressure. Currently, XRP/USD is trading at 0.7760, down over 1% on the day. From the longer-term perspective, Ripple is consolidating in a narrow range with the lower boundary at $0.7600 with the moving averages cross sending a bearish signal.
Ripple price technical picture
As it is visible on the hourly chart, the price dipped below both 100 and 50-SMA at $0.7970. This level is the first local resistance for the coin on the way towards $0.80 and to the ultimate resistance at $0.83. On the downside, the support comes at $0.7600 and followed by $0.7490 (Sunday's low).
XRP/USD, the hourly chart
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