Ripple price analysis: XRP/USD down 3.7% despite that Ripple and R3 decided to end court battle
|- XRP dropped below $0.25 during early Asian hours.
- R3 Consortium and Ripple Lab decided to end the fight.
XRP is changing hands at $0.2575 at the time of writing. The third largest digital coin has recovered from Tuesday's low at $0.2490, but it is still deep in red, losing 2.6% of its value since the start of the day and 3.7% in recent 24 hours. XRP has a market value of $10.36B and an average daily trading volume $228M.
Ripple's cryptocurrency has been driving the speculative wave, just like most cryptocurrencies. FUD (which stands for Fear, Uncertainty, Doubt) and panic selling push the price lower, despite positive fundamentals and optimistic news relevant to Ripple company and XRP.
Thus, Ripple Labs, and R3 Consortium engaged in a year-long fight, decided to reach an amicable off-court solution, according the press-release published on September 10.
"R3 Hold Co LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them."
XRP's technical picture
Looking technically, XRP/USD is capped by SMA50 (1-hour) at $0.2643. The price attempted a recovery during late Tuesday hours, but failed to move above the said technical level, which serves as a resistance since September 9. If it is broken, the upside may be extended towards $0.2725 (SMA100, 1-hour) and $0.28 however, this development looks unlikely at this stage.
On the downside, the support is created by psychological $0.2500, followed by Tuesday's low at $0.2490.
XRP/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.