Tanya Abrosimova
Independent Analyst
- XRP is down 6% on the day, amid growing selling-pressure.
- Investor accuses Ripple of selling unregistered securities.
All cryptos are in red during early Asian hours on Monday with Ripple among the biggest losers. The coin lost nearly 6% since the start of the day with over 8% loss incurred during recent 24 hours. XRP/USD is trading at $0.8120 after dipping to $8093.
As it is clearly visible on the hourly chart, the price has come close to the upward looking support line, currently at $0.8100. Once it is broken, the sell-off may be extended towards $0.8000, where 200-DMA provides additional support. The short-term picture looks definitely bearish as long as the price stays below $0.8600 (200-SMA, hourly chart). If XRP bulls manage to take the coin above the mentioned resistance level, the focus will shift to $0.8770 (confluence of 50 and 100-SMA, hourly chart).
Meanwhile, Ripple Labs has faced the lawsuit. The plaintiff, investor Ryan Coffey accuses the company of raising hundreds of millions of dollars by selling unregistered securities (that is, XRP tokens). The company denies the accusations, claiming that Ripple is not a security.
“We’ve seen the lawyer’s tweet about a recently filed lawsuit but have not been served. Like any civil proceeding, we’ll assess the merit or lack of merit to the allegations at the appropriate time,” Ripple spokesman Tom Channick said in an emailed statement to Bloomberg. “Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.”
XRP/USD, the hourly chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.