Ripple price analysis: XRP/USD down 3.7% despite that Ripple and R3 decided to end court battle

XRP dropped below $0.25 during early Asian hours.
R3 Consortium and Ripple Lab decided to end the fight.

Tanya Abrosimova Independent Analyst

XRP is changing hands at $0.2575 at the time of writing. The third largest digital coin has recovered from Tuesday's low at $0.2490, but it is still deep in red, losing 2.6% of its value since the start of the day and 3.7% in recent 24 hours. XRP has a market value of $10.36B and an average daily trading volume $228M.

Ripple's cryptocurrency has been driving the speculative wave, just like most cryptocurrencies. FUD (which stands for Fear, Uncertainty, Doubt) and panic selling push the price lower, despite positive fundamentals and optimistic news relevant to Ripple company and XRP.

Thus, Ripple Labs, and R3 Consortium engaged in a year-long fight, decided to reach an amicable off-court solution, according the press-release published on September 10.

"R3 Hold Co LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them."

XRP's technical picture

Looking technically, XRP/USD is capped by SMA50 (1-hour) at $0.2643. The price attempted a recovery during late Tuesday hours, but failed to move above the said technical level, which serves as a resistance since September 9. If it is broken, the upside may be extended towards $0.2725 (SMA100, 1-hour) and $0.28 however, this development looks unlikely at this stage.

On the downside, the support is created by psychological $0.2500, followed by Tuesday's low at $0.2490.

XRP/USD, 1-hour chart

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Author

Tanya Abrosimova

Independent Analyst

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