Ripple price was able to gain positive momentum on the day but has retreated from intraday tops as China reaffirms its prohibition of cryptocurrency transactions by companies within its borders.
Ripple’s initial gains have come on the back of a lack of progress in the SEC’s case against Ripple and its top executives. A new interested party of XRP holders has emerged, filing a motion in the courts to intervene against what its lawyers deem to be the SEC’s alleged use of personal attacks and irrelevant case law to distract the court’s attention from the intervention request of the XRP holders.
After gaining more than 8% on the day, Ripple price followed other cryptos lower as China reaffirmed its ban on cryptocurrency transactions among institutions, including the banks. The first instance of this ban in September 2017 caused Bitcoin prices to shave half their value. The XRP/USD pair is up by 5.31% on the day.
Technical Levels to Watch
The decline from the intraday top at the triangle’s upper edge also preserves the 1.7000 psychological resistance. If this edge and the resistance at 1.7000 are broken, Ripple price could get a chance to target the 1.80625 price level, with an intervening pitstop at 1.7635 (6 May high). 1.96695 remains 2021’s highest price and is the barrier that needs to give way for multi-year highs of 25 December 2017 at 2.4740 to come into view.
On the other hand, the XRP/USD has to take out the 1.4000 psychological support to bring 1.3192 into focus. 1.20349 and 1.10223 are additional downside targets that will come into view if the triangle’s lower edge breaks down. This price move negates an upside breakout expectation and provides the impetus for bears seeking a return to 0.91417.