Ripple Price
The Ripple price is little changed as investors continue to focus on the ongoing case filed by the Securities and Exchange Commission (SEC). XRP is trading at $1.5930, which is just 3.6% above its lowest level in the past 24 hours. It has been in this range in the past few days.
What happened: Ripple has lagged other currencies in the past few days. Indeed, most altcoins like Ethereum and Cardano are trading at their highest level on record as demand for their ecosystems rise. However, Ripple has struggled, having declined by 1% in the past 7 days. In the same period, Ethereum Classic has surged by 170% while Ethereum and Dogecoin have risen by more than 30%.
This performance is possibly because of the fact that investors are still watching the ongoing SEC case. Indeed, most of them focused closely on the grilling of the new SEC chair, who is a respected cryptocurrencies professor. According to the New York Times (NYT), Ripple Labs has already hired well-connected lawyers, lobbyists, and advocates to make its case to the SEC.
For example, it has hired Mary Jo White as an attorney. She was a chairwoman at the SEC during the Obama administration. Other cryptocurrency groups like the Chamber of Digital Commerce have also hired about 65 lobbyists in Washington.
The four-hour chart shows that the XRP price has been in a tight range recently. In fact, it is trading at the same level as the 25-day and 15-day exponential moving averages while the MACD is stuck at the neutral level while the Average True Range (ATR) has declined. Also, the price is slightly below the important resistance level at $1.6660. It is also slightly above the important support at $1.3154.
Therefore, at this stage, the outlook for the currency is neutral. Traders should pay a close attention to the support and resistance levels mentioned above. A volume-supported move above the resistance will see it retest its year-to-date high.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.
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