June 24, 2021

Ripple Settles With YouTube, But XRP Fails to React

2 min read

Ripple has actually settled a legal disagreement with YouTube, but the news has failed to produce the response that many investors anticipated.

Ripple’s Legal Dispute With YouTube is Over

Ripple CEO Brad Garlinghouse revealed on Mar. 9 that his company has reached an agreement with YouTube over fraudulent activity.

In 2020, Garlinghouse submitted a lawsuit declaring that the video-sharing platform permitted scammers to conduct XRP free gift rip-offs. He states that the new resolution will enable Ripple and YouTube to collaborate to “& ldquo; prevent, detect and remove these rip-offs.”

“& rdquo; & ldquo; While specific settlement terms are private here, it’s clear to all that without accountability and action, trust deteriorates in this industry, at a crucial time when [federal governments] around the globe are looking closely at crypto,” & rdquo; stated Garlinghouse.

The financial damage caused by these scams on YouTube is unknown. However, it seems that the scams were not extremely considerable, as XRP’s cost was not considerably affected.

XRP’s Price Consolidates

The price of XRP continues to consolidate within a narrow variety without any indication of where it is headed next.

A look at XRP’s 12-hour chart reveals that the 50 twelve-hour moving average has been acting as stiff resistance given that Feb. 23. On the other hand, the 200 twelve-hour moving average is acting as strong support, avoiding this cryptocurrency from a steep correction.

Offered this absence of direction, the location between these trend-following indicators can be thought about an affordable no-trade zone. Only a candlestick close above or below any of these vital obstacles will figure out where XRP is headed next.

XRP US dollar price chart
XRP/USD on TradingView A spike in purchasing pressure that allows this altcoin to slice through the$0.495 resistance level might be considerable adequate to set off FOMO among investors. If this were to take place, XRP might increase towards the next significant interest area at $0.653.

On the other hand, a boost in downward pressure that presses this cryptocurrency listed below the $0.424 assistance level might result in a 26% correction towards $0.315.

For this factor, it is important to pay attention to these support and resistance levels before going into any trade.

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.