- XRP is capped by $0.5360 on intraday level.
- CEO of Ripple provides evidence that XRP is not a security.
Ripple, the third largest coin by market value, is changing hands at $0.5289, off Friday’s low at $0.5240. The coin is 2.8% lower than this time yesterday, and down 1.3% on the day. Ripple’s market value is estimated as $20.7B, with trading volumes $205B. XRP trading is most active against BTC, trading at Bitfinex and Bitstamp.
An official from the Securities and Exchange Commission recently confirmed that Bitcoin and Ethereum aren’t securities, but lack of comment about XRP, made people nervous.
Brad Garlinghouse, CEO of Ripple, company behind XRP, named three reasons why XRP is not a security, during CB Insights’ Future of Fintech conference on Thursday.
“XRP is not a security for three reasons: if Ripple, the company, shuts down tomorrow, the XRP ledger will continue to operate; it’s an open-source, decentralized technology; …. if you buy XRP, [you are]not buying shares of Ripple – buying XRP doesn’t give you ownership of Ripple.”
Ripple technical picture
From the technical perspective, XRP/USD is capped by $0.5360 with all intraday MAs clustered around this level (hourly chart) Once this strong resistance is cleraed, the coin will have a chance to extend the upside towards $0.55. On the downside, clear break through $0.5250 will trigger a strong with the initial aim at $0.5020.
XRP/USD, the daily chart