Ripple price remains under pressure from the ongoing regulatory concerns. Cayman Islands and Thailand are the latest countries to distance themselves from the largest cryptocurrency exchange, Binance. On Friday, Thailand’s Securities and Exchange Commission filed a criminal complaint against the crypto exchange. According to the complaint, Binance is operating in the nation without a license. A similar issue has been raised in the Cayman Islands. Based on the intertwinement of cryptocurrencies, the matter has exerted pressure on Ripple price. The higher-than-expected NFP data has further boosted the crypto’s downtrend.
Ripple price remains on the downtrend that has existed for about one-and-a-half months. Since mid-May, the crypto has declined by about 62.15%. After hitting a one-week high of 0.7291 on Tuesday, it has dropped by about 12%. At the time of writing, it was down by 2.62% at 0.6411. On a four-hour chart, it is trading below the five and ten-week exponential moving averages. Based on the technical and fundamental indicators, the bearish outlook remains.
As we begin the weekend, I expect Ripple price to find support at the psychological level of 0.6000 or lower at the prior support level of 0.5552. On the flip side, a move past its current resistance level at 0.6640 will clear the path towards the next target at 0.7306.
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