Ripple CEO discusses meme currencies, XRP at $0.50 amid ETF expectations
On Monday, XRP hovers at $0.50 amid uncertainties over the SEC vs. Ripple case.
Ripple CEO Brad Garlinghouse discussed meme currencies at Consensus.
Ripple (XRP) has been fighting the US Securities and Exchange Commission for over four years. As investors await the SEC's reaction to Ripple's May 29 filing, the litigation continues.
Following CEO Brad Garlinghouse's Consensus 2024 remark on meme currencies, XRP is trading around $0.50.
The Ripple executive criticized the meme currency for lacking a use case.
Garlinghouse said he is not “anti-Dogecoin” but criticized the biggest meme coin throughout his discussion.
The SEC vs. Ripple litigation continues with the payment firm's attempt to seal papers. These materials relate to the regulator's verdict and remedies motion.
As of June 10, holders await the SEC's filing response.
Technical analysis: Bearish XRP hovers around $0.50.
Ripple is around $0.50 on Monday. Binance's XRP price is $0.4988. The XRP/USDT 1-day chart shows Ripple produced a bearish descending triangle between March 25 and June 10.
A bearish chart pattern has a declining upper trendline and a flattening horizontal trendline. XRP price hit the top trendline multiple times between May 25 and June 6, while the bottom trendline around $0.4917 supported it between March 25 and June 10.
On the 1-day chart, momentum indicators are negative. Moving Average Convergence Divergence (MACD) red histogram bars below the neutral line support the bearish thesis.
Relative Strength Index (RSI) is 39.53, approaching 30.
XRP might fall almost 10% to $0.4508, its June 7 low. XRP may find support around $0.4717, the 23.6% Fibonacci retracement. The Fibonacci level links Ripple's April 9 high of $0.6431 to its April 13 low of $0.4188.
A daily candlestick close above the falling triangle's top trendline might disprove Ripple's bearish argument. Resistance for XRP may be the 50% Fibonacci retracement at $0.5310.
