Last night alone XRP price dropped about 50%!
Xrp, being on the top 5 of the cryptocurrencies and listed as the third most valuable crypto, had some really movements going these days, first it went up following BTC bullish movement! XRP reached 0.790$ just a few days ago to be more specific on 24 November it reach it highest point of this year.
A few days ago the co-founder of Ripple Jed McCaleb sold 30 Million of Ripples immediately after he received 260 Million Ripples.
Since that XRP had some announcements that really gave its price a sharp steep. This pushed that many exchangers to come up and say that they will not support Ripple anymore!
I've previously made a post on XRP, check it out here.
Spark Token gave it a nice punch but the final uppercut was given by the SEC lawsuit.
Why is Ripple being sued?
SEC is saying that XRP is an "unregistered securities offering to investors in the US and worldwide." CEO Bran Garlinghouse and executive chairman Chris Larsen — generated more than $1.38 billion from sales of the XRP token and SEC says that they should have been registered and paid commissions from the beginning of it which is approximately 7 years ago.
News like this and especially lawsuits tend to make huge movements in the price.
Technical Analysis
Price reached Weekly support zone at 0.222 which gave a rejection to move any further down! Dropping in smaller TF we can see that price is struggling to break the previous weekly Resistance at 0.282. I'm expecting some correction to make further verdicts on how the price is going to move. But if price fails to break the resistance what we can expect is another bearish push to 0.115 area!
The ''HODLERS'' are just starting to buy since this is a pretty good place for them, but as I've mentioned above let's gather some more info!
Catch with me in Leofinance
theatdhe!
Photo reference: https://cointelegraph.com/
