XRP’s gains from a rally earlier this week were completely erased as the price of the cryptocurrency dropped when it hit a significant resistance zone.
On June 13, a crypto expert named Ali issued a warning regarding the cryptocurrency as the price of XRP surpassed $0.55.
The researcher observed that the price of XRP occasionally rose over $0.55, but this was usually a ruse to entice breakout traders into long positions before “recking” them with a complete reversal.
The price of XRP reached a high of $0.565 on June 13 as traders predicted that a much-anticipated document release associated with an ongoing legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) may drive XRP higher.
XRP went in the other direction as markets evaluated the highly anticipated “Hinman emails,” which relate to the records of former SEC officer William Hinman.
Consequently, XRP had two days of losses as it dropped to $0.461, its lowest point this month. The price of XRP was trading in the negative at the time of writing, falling 6.14% in the previous day to $0.4722.
The market sell-off as Bitcoin (BTC) and Ethereum (ETH) lost major price levels quickly after the Federal Reserve’s most recent interest rate announcement also contributed to the recent decline in XRP pricing.
Cryptocurrencies are currently losing value, with Bitcoin (BTC) falling below the $25,000 threshold. Data from CoinMarketCap show that over the previous day, the overall market capitalization fell by 3.58%.
The biggest cryptocurrency exchange in Australia, BTC Markets, has announced that the XRP/USDT trading pair is now fully active and accessible to trade on the site, which is good news for XRP.
In addition to the existing XRP/AUD and XRP/BTC trading pairings that are available on the platform, BTC Markets announced that it was launching a new XRP/USDT trading pair.
