Ripple’s controversial XRP token remains in a bearish posture against its USD trading pair on Thursday, with it currently trading below the historical $0.30 level of resistance.
The world’s fifth largest cryptocurrency, which fell behind Polkadot in terms of market cap last week, is still reeling following December’s SEC lawsuit against the Ripple Foundation.
The regulator alleges that the Ripple Foundation, the company behind the XRP token, has been conducting an ongoing unregistered securities sale.
This caused the price of XRP to crash to as low as $0.177 despite trading at a yearly high of $0.78 just days before.
At the time of writing XRP has, to its credit, recovered to a point where it is now trading at $0.28. What’s more is that XRP has actually gained significant ground against its Bitcoin trading pair, surging from 629 satoshis on January 3 to 867 satoshis today, marking a 36% increase.
XRP investors may also be breathing a sigh of relief in light of the new president in the United States, with Biden opting for crypto-friendly Gary Gensler as the new SEC chairman.
While it’s unclear what Gensler’s particular view on XRP is, Ripple CEO Brad Garlinghouse said that he hopes his team can build a beneficial relationship with the new SEC board.
From a technical perspective, XRP needs to take out the $0.30 level of resistance to offer hope of a bullish breakout, while it’s also important that it continues trading above the $0.215 level of support.
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Current live XRP price information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Ripple price. Pricing is also available in a range of different currency equivalents:
US Dollar – XRPtoUSD
British Pound Sterling – XRPtoGBP
Japanese Yen – XRPtoJPY
Euro – XRPtoEUR
Australian Dollar – XRPtoAUD
Russian Rouble – XRPtoRUB
Bitcoin – XRPtoBTC
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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