XRP/USD closed at $1.55474 after placing a high of $1.61913 and a low of $1.52413. Ripple dropped for the second consecutive session on Monday despite having an increased market cap. The fourth-largest cryptocurrency by market capitalization, Ripple hit a new high with a market cap of $75 billion. This round-up for about 3.2% of the total market cap for cryptocurrencies. Ripple’s XRP has risen about 40% in the past week as the currency is doing well in its price recovery amid improvements in its lawsuit against SEC.
The recent surge to an all-time high level was driven by the announcement by Ripple that the firm will launch its IPO after the lawsuit. The prices even reached near $2.0 level in April on the back of the increased popularity of the crypto market. Last week, Ripple’s CEO Brad Garlinghouse said that the ongoing lawsuit involving his company was a threat to the innovation being generated by cryptocurrency. He also criticized the SEC approach and said that the United States was the only country on the planet that viewed XRP as a security. He added that Japan, UK, Switzerland, and Singapore viewed XRP as a currency. Yet, the home country was taking a different approach and trying to prove it as a security.
XRP/USD Daily Technical Levels
Pivot Point: 1.56604XRP/USD was consolidating in a sideways channel that kept it on hold at a 1.6090 level. However, the pair has violated the consolidation range of 1.6703 – 1.5389. Closing below this range is suggesting odds of bearish trend continuation. On the lower side, the pair is likely to head towards the next support area of 1.3240, while the resistance continues to stay at the 1.5397 level. The indicators like RSI and MACD are also demonstrating a selling trend in the XRP/USD pair. Let’s consider selling below 1.5660 level today. Good luck!