Ripple slips to 0.7573, Triangle Breakout in Play

Ripple closed at $0.77177, after setting a high of $0.83685, and a low of $0.70981. On Wednesday, XRP/USD fell for the third time in a row, reaching its lowest level since December 4. Ripple was following the trend set by the leading cryptocurrency, BTC/USD, which was facing pressure due to decreased mining activity on Wednesday, amid the shutdown of the internet in Kazakhstan.

Meanwhile, Bitcoin was also having trouble, as countries worldwide are starting to find ways to regulate the cryptocurrency industry. As a result, Bitcoin has been declining for the past few days, which has turned the whole market mood to the downside, and Ripple also followed in its footsteps, dropping in value.Meanwhile, the market participants are also confused about the end of the Ripple vs. SEC lawsuit after Ripple’s legal council suggested that the case might end as soon as April. These comments by Jeremy Hogan should have brought up the price of XRP, but it continued falling instead, and the reason is still unknown. Some analysts believe it could be a price correction, and some suggest that investors have been booking profits.On the other hand, the decline in XRP/USD was somehow recovered during late trading hours, after the US dollar came under pressure. The US Dollar Index (DXY), which measures the greenback’s value against a basket of six major currencies, fell below 96 on Wednesday. However, the weakness in the US dollar came ahead of the release of the minutes of the Fed policy meeting in December. The declining US dollar helped XRP/USD recover some of its daily losses.