CoinMarketCap Draws XRP Community Condemnation After XRP Jibe
Key Insights:
CoinMarketCap calls XRP a crypto imposter on Thursday, drawing the wrath of the XRP community.
News updates on the SEC–Ripple case has weighed heavily on XRP, which is currently down 23.5% for April.
Key technical indicators bearish. XRP sits below the 50-day EMA after a ninth loss in ten sessions.
It’s been a bearish April for XRP, which is currently down 23.5%. After briefly testing resistance at $0.80 in mid-April, XRP has fallen in nine out of ten sessions to test support at $0.60.
While the broader crypto has struggled in the month, news updates on the Ripple v SEC have weighed on XRP, with some pricing in a Ripple loss.
Extensions have not helped, with the SEC failing to close out the case in a timely manner.
With the case ongoing since December 2020, Ripple Lab and Brad Garlinghouse would not have anticipated a jibe from the crypto community.
CoinMarketCap Calls XRP an Imposter Cryptocurrency
On Thursday, CoinMarketCap shared a controversial image on Twitter drawing condemnation from the XRP community.
Now deleted, CoinMarketCap tweeted an image of a game asking players to identify the imposter among a list of cryptos, including BTC, ETH, BNB, LTC, XMR, and XRP, among others.
The tweet then went on to say,
“The answer: $XRP – for being controlled and governed by authorities, hence defeating the purpose of #cryptocurrency 😉
All the other coins in this are decentralized and are basically “people’s crypto”.
After taking down the tweet, CoinMarketCap tweeted,
“We made a mistake – #CoinMarketCap does not want to compare the merits of any crypto over the other. A new team member was not familiar enough with our policy on commenting on other projects, but now they are! We aim to be unbiased and let the algorithms do the talking.”
We made a mistake — #CoinMarketCap does not want to compare the merits of any crypto over the other.
A new team member was not familiar enough with our policy on commenting on other projects, but now they are!
We aim to be unbiased and let the algorithms do the talking.— CoinMarketCap (@CoinMarketCap) April 29, 2022
The XRP Community not only responded to the first tweet but also the apology.
Binance Capital Management, behind crypto exchange Binance, acquired CoinMarketCap in 2020. XRP community members questioned CoinMarketCap’s motives, with others referencing the platform’s erroneous description of XRP.
XRP Price Action
At the time of writing, XRP was up 0.74% to $0.6159. This morning’s modest gain partially reversed a 4.88% slide from Friday, which marked a ninth daily loss in ten sessions.
Technical Indicators
XRP will need to move through the $0.6192 pivot to target the First Major Resistance Level at $0.6388. XRP would need broader crypto market support to return to $0.63.
In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.6663 and resistance at $0.67. The Third Major Resistance Level sits at $0.7132.
Failure to move through the pivot would bring the First Major Support Level at $0.5917 into play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.58. The Second Major Support Level sits at $0.5723.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. XRP currently sits below the 50-day EMA at $0.6701. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, XRP negative.
A move through the 50-day EMA would support a shift in sentiment and a return to $0.70.
This article was originally posted on FX Empire