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XRP lost all of its gains from a rally earlier this week when the cryptocurrency's price fell after reaching a crucial resistance range.
As the price of XRP increased beyond $0.55 on June 13, a crypto analyst, Ali, issued a warning about the cryptocurrency.
The analyst noted that the price of XRP had advanced over the $0.55 level on a few occasions; however, this was typically a trap to lure breakout traders into long positions before "recking" them with a full reversal.
On June 13, as traders speculated that a highly anticipated document release connected to an ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) could push XRP higher, the price of XRP reached a high of $0.565.
As markets processed the much-sought "Hinman emails," referring to the documents of former SEC official William Hinman, XRP took the opposite route.
XRP consequently fell as low as $0.461, its lowest level this month, marking two consecutive days of losses. At the time of writing, the XRP price was trading in the red, down 6.14% in the last 24 hours to $0.4722.
The three-day losses so far culminated in a weekly price drop of 9.70%, negating the 9.77% gains made in May. This decline also erases all the gains it has made so far in June. At the moment, XRP is down 8.57% for June.
Contributing likewise to the XRP price drop in the past day is the general sell-off in the market as Bitcoin (BTC) and Ethereum (ETH) lost significant price levels shortly after the Federal Reserve's latest interest rate decision.
The value of cryptocurrencies is currently declining, with Bitcoin (BTC) slipping below the $25,000 mark. According to CoinMarketCap data, the total market capitalization decreased by 3.58% during the previous day.
In positive news for XRP, Australia's largest crypto exchange, BTC Markets, has made it known that the XRP/USDT trading pair is now fully live and available to trade on the platform.
As reported, BTC Markets made it known it was adding a new XRP/USDT trading pair in addition to the XRP/AUD and XRP/BTC pairs already listed on the platform.
Alex Dovbnya
