Ripple Price Remains Under Pressure Despite Support from Congressman

After suffering some significant losses this week, Ripple price is trying to pick up the pieces and may find some sustenance in the comments of US Congressman Tom Emmer, who is the Minnesotan Republican representative that chairs the National Republican Congressional Committee. 

Mr Emmer made these comments at a virtual crypto town hall meeting, the Ripple BradGarlinghouse Inaugural Crypto Town Hall. He also emphasized that it was important that crypto developers and stablecoin projects be allowed to develop their technology. 

Ripple price has had to contend with the long-drawn battle with the Securities and Exchange Commission (SEC) over whether XRP can be classified as a security token or not. Ripple is the 3rd largest cryptocurrency by market capitalization. The SEC is yet to make its ruling on the matter, but another voice in support of Ripple from the government side of things could sway opinions on the issue. 

Ripple price presently trades 1.36% lower on the day at 0.28504.

Technical Outlook for Ripple Price

The Ripple price action on the XRPUSD daily chart shows that the asset is presently testing two levels of support formed by the lower channel border as well as the 0.28581 support level (31 October 2019 and 3 August 2020 lows). A breakdown of the current support levels takes Ripple price to the 0.26572 support target (10-21 February and 11 August lows), with possible support levels also seen at 0.24425 and 0.22928 if Ripple price continues to decline. 

On the flip side, a bounce from present support takes Ripple price towards the upper channel border, but this move must overcome resistance targets at 0.30687 and 0.32516. Above the 0.33680 resistance which intersects the upper channel border, further upside targets may be found at 0.35287 and 0.37172 (1 April 2019 high and 1 July 2019 low).

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XRPUSD Daily Chart

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