The Crypto market fell this Thursday with XRP erasing all gains from a surge earlier this week as markets digested “Hinman emails” from a Ripple Labs presentation on Tuesday. Emails from William Hinman, former head of the SEC’s corporate finance division, were released in connection with the SEC’s lawsuit against Ripple. The buyers pushed XRP above the overhead resistance at $0.56 on June 13, but they could not sustain the higher levels. And bears are trying to strengthen their position further by pulling the price below the 20-day EMA. The price of the token has fallen by more than 6% while the global volume is down by close to 25% over the last 24 hours.
At the time of writing, XRP was trading at $0.4739.
XRP saw a massive rally from the recent bottom of $0.30 (on 2nd January 2023) and surged almost by 95% up to $0.585 within three months. The asset faced resistance at the key level of $ 0.555 and witnessed profit booking, and the price corrected to $0.41. XRP took support at $0.41 and the bulls resumed the up-move and the prices rallied up to $0.565. However, the bulls again failed to sustain above the resistance of $0.555.
Technically, on a daily time frame, XRP is trading in a broad range from $0.41 to $0.555. Breakouts on either side of the range with good volumes will further decide the trend for the asset.
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