The central theses
- As a result of a legal settlement with Ripple, YouTube will work to prevent XRP giveaway fraud.
- While the resolution will benefit unsuspecting crypto enthusiasts, it will have minimal impact on the price of XRP.
- XRP continues to consolidate without giving a clear path of where the price is going next.
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Ripple has settled a lawsuit with YouTube, but the news didn’t spark the reaction many investors were expecting.
Ripple’s legal battle with YouTube is over
Brad Garlinghouse, CEO of Ripple, announced on March 9th that his company had reached an agreement with YouTube over fraudulent activities.
In 2020, Garlinghouse filed a lawsuit alleging that the video-sharing platform allowed scammers to conduct XRP giveaway scams. He says the new resolution will allow Ripple and YouTube to work together to “prevent, detect and eliminate these scams”.
“While certain comparison terms are confidential here, it is clear to all that confidence in this industry with no accountability and action wanes at a crucial time when [governments] all over the world we are looking closely at crypto, ”Garlinghouse said.
The financial damage caused by these scams on YouTube is unknown. However, it seems that the scams weren’t particularly significant as the price of XRP wasn’t dramatically affected.
The price of XRP is consolidating
XRP prices continue to consolidate in a narrow range with no indication of where they are going next.
A look at XRP’s 12-hour chart shows that the 12-hour moving average of 50 has been acting as a stiff drag since February 23. In the meantime, the 12-hour moving average of 200 is acting as strong support and preventing this cryptocurrency from correcting steeply.
Given this lack of direction, the area between these trend-following indicators can be viewed as a reasonable non-trade area. Just a candlestick above or below one of these critical hurdles will determine where XRP goes next.
A surge in buying pressure that allows this altcoin to break the $ 0.495 resistance level could be significant enough to trigger FOMO among investors. In that case, the XRP could move higher towards the next major interest rate area at $ 0.653.
Conversely, an increase in downward pressure pushing this cryptocurrency below the USD 0.424 support level could result in a 26% correction towards USD 0.315.
Because of this, it is imperative to pay close attention to these support and resistance levels before entering any trade.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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