Ripple Labs-backed XRP has continued to consolidate between 52 cents and 60 cents since mid-July. The large-cap altcoin, with a fully diluted valuation of about $58.6 billion and a daily average traded volume of around $1.5 billion, has been acting on the macro-falling logarithmic resistance level in the recent past.
Despite the closure of the SEC vs Ripple lawsuit, where the blockchain payment firm was ordered to pay $125 million in civil penalty, the XRP price has not managed to rally beyond the crucial resistance of around 66 cents.
Additionally, XRP price has failed to capitalize on the recent crypto bullish outlook, triggered by the Fedâs rate cut, which has resulted in the Bitcoin price pump above $63k and Ethereum price rebound above $2,550.
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