Ripple and XRPL Labs have joined the DeRec Alliance as founding members. The DeRec Alliance brings Web3 firms together to work on the recovery of digital assets in a secure manner across wallets. XRP tested support at $0.50 on Thursday, exchanging hands at $0.5174 on Friday. The other key catalyst influencing XRP price, which is testing critical support at $0.50, is the lawsuit that Ripple faces against the Securities and Exchange Commission vs.
However, the Moving Average Convergence Divergence indicator shows green histogram bars above the neutral line, signaling a positive momentum in XRP price trend. If selling pressure persists, Ripple is likely to suffer an 8% correction and sweep liquidity at the weekly support level at $0.4665 seen on April 19. Two key levels that have been respected since mid April stand out on the weekly time frame– support at $0.4665 and resistance at $0.5630.
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