Ripple Labs recently prevailed in its legal battle against the Securities and Exchange Commission (SEC), yet this win has not translated into the expected surge in the price of XRP. Despite the favorable ruling, XRP continues to struggle, with its price plummeting to $0.4734, an 11.06% decline this month amidst the ongoing market crisis.
Amid these challenging market conditions, Ripple CEO Brad Garlinghouse has been vocally critical of SEC Chair Gary Gensler’s recent statements about the cryptocurrency industry. In a Bloomberg interview, Gensler remarked that prominent figures in the crypto sector from recent years are “either in jail, about to go to jail, or awaiting extradition,” a comment that has stirred controversy.
Garlinghouse responded on social media, denouncing Gensler’s comments as “absolute nonsense.” He also accused him of missing critical regulatory signals in past major crypto crises, like the FTX collapse. This ongoing clash highlights the tension between Ripple and regulatory authorities, which remains a key influence on market sentiment.
Ripple XRP Stuck Under Resistance at $0.48
On the technical front, XRP’s struggle is visible on the charts where it has been unable to surpass the resistance level at $0.48 for the past six days. The digital currency also remains below the 23.6% Fibonacci retracement level of its recent downward journey from a high of $0.7440 in March to a low of $0.4188 in April. This level, which currently stands at $0.4955, is crucial for signaling any potential reversal of the current bearish trend.
Support and resistance levels are tightly contested, with the nearest support at the June 7 low of $0.4508, approximately 5% below the current trading price. Conversely, the nearest resistance lies between $0.4825 and $0.4841, known as the Fair Value Gap.
XRP’s daily price performance points to a diminishing demand for the altcoin. The Chaikin Money Flow (CMF), which monitors money entering and leaving the market, currently stands at -0.06. A negative CMF signals market weakness, suggesting that capital is exiting the market, a harbinger of potential further declines.
The Moving Average Convergence Divergence (MACD) indicator is flashing red histogram bars under the neutral line, and the signal line has crossed above MACD. This reveals an underlying negative momentum in Ripple’s price trend.
A daily candlestick close above $0.4955 could invalidate the bearish thesis and erase the recent losses, 4.28% in the past seven days. The altcoin could then rally towards the closest resistance at $0.4825.
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