Flash

Resistance

Status

<ul> 
 <li><strong>The XRP price consolidates losses below $0.4850 and the 100-hour Simple Moving Average, putting the bears in control of the price action.</strong></li> 
 <li><strong>XRP continues to grapple with regulatory challenges, as highlighted by lawyer Fred Rispoli, who pointed out potential inconsistencies in XRP’s legal status across different states.</strong></li> 
</ul>  
<p>Amid the broader market correction, the XRP price seems to be facing strong selling pressure. The XRP price attempted a recovery wave above the $0.4820 resistance zone, but bearish activity near the $0.4880 resistance zone halted the progress.</p> 
<p>After reaching a high of $0.4884, XRP started a fresh decline, similar to Bitcoin and Ethereum, amid the surge in the short positions, per <a href="https://www.crypto-news-flash.com/bearish-sentiment-dominates-xrp-as-short-positions-surge/" target="_blank" rel="noopener">Crypto News flash report</a>.</p> 
<p><iframe title="XRP Bears Maintain Control as Price Struggles to Break $0.4880" width="788" height="443" src="https://www.youtube.com/embed/qX2XEUI53aI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<p>The price dropped below the $0.4850 and $0.4800 levels, even testing the $0.4720 support. A low of $0.4722 was formed, and the price is now consolidating losses, trading below $0.4850 and the 100-hour Simple Moving Average.</p> 
<p>As per the <a href="https://www.crypto-news-flash.com/xrp-faces-legal-hurdles-ripples-court-victory-and-sec-appeal-prospects/" target="_blank" rel="noopener">Crypto News Flash report</a>, the XRP selling pressure continues as the altcoin’s legal hurdles seem to be never-ending in the Ripple vs SEC battle.</p> 
<p>On a potential fresh increase, the price might encounter resistance near $0.4765, or the 23.6% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low. As of press time, the XRP price is trading <span style="color: #ff0000;">1.95% down</span> at $0.4764 with a market cap of $26.5 billion. Also, the daily trading volume for XRP has surged by a massive 164%, shooting past $1 billion.</p> 
<p><span data-sheets-root="1" data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}"></span></p>
<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div> 
<p>The first major resistance lies near the $0.4810 and $0.4820 levels. Additionally, a connecting bearish trend line is forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair. This trend line is close to the 50% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.</p> 
<p>Despite the XRP price facing significant selling pressure, the XRP Ledger AMM has shown healthy growth, with total-value-locked (TVL) jumping by 51%, per the <a href="https://www.crypto-news-flash.com/ripple-news-xrp-ledgers-amm-tvl-jumps-to-7-7-million-amid-rapid-growth/" target="_blank" rel="noopener">Crypto News Flash report</a>.</p> 
<h3 id="xrp-price-resistance-ahead">XRP Price Resistance Ahead</h3> 
<p>A decisive move for XRP above the $0.4820 resistance could push the price toward the $0.4880 resistance. The next major resistance is near the $0.50 level. Closing above the $0.50 resistance zone could increase the price, with the next key resistance around $0.5120. Further gains might see the price reaching the $0.5250 resistance.</p> 
<figure id="attachment_735635" aria-describedby="caption-attachment-735635" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-735635" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart.webp" alt="" width="1024" height="461" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart.webp 1024w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart-300x135.webp 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart-768x346.webp 768w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart-150x68.webp 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/XRP-Price-chart-450x203.webp 450w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption id="caption-attachment-735635" class="wp-caption-text">
  Courtesy: Trading View
 </figcaption>
</figure> 
<p>Thus, if XRP fails to break the $0.4820 resistance zone, it could continue its downward trend. Initial support on the downside is near the $0.4720 level.</p> 
<p>The next major support is at $0.4650. A break and close below the $0.4650 level could lead to a significant decline, potentially pushing the price below the $0.450 support in the near term.</p> 
<h3 id="uncertainty-prevails-over-xrp-s-legal-status">Uncertainty Prevails Over XRP’s Legal Status</h3> 
<p>Per the recent <a href="https://www.crypto-news-flash.com/legal-expert-fred-rispoli-warns-xrp-could-face-differing-security-status-across-states-in-sec-battle/" target="_blank" rel="noopener">Crypto News Flash report</a>, XRP lawyer Fred Rispoli raised concerns about regulatory inconsistencies regarding XRP’s legal status, suggesting it might be deemed a security in California but not New York.</p> 
<p>Although Judge Phyllis Hamilton dismissed several claims against Ripple in the Zakinov lawsuit, including allegations of securities law violations, the debate over XRP’s status as a security remains unresolved.</p> 
<p>Moreover, a trial will proceed to address misleading statements related to the offer or sale of securities under California state law. Investors have also been eagerly awaiting the end of the long-running Ripple vs. SEC lawsuit, with a final settlement expected by year-end.</p>

XRP Bears in Control as Price Fails to Surpass $0.4880

Съдържание

Crypto News Flash

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