The cryptocurrency market has been in a state of consolidation this week, with Shiba Inu (SHIB) and Litecoin (LTC) both trading marginally higher on Monday. SHIB/USD raced to an intraday high of $0.00001307, while LTC/USD moved to a peak of $95.58.
The SHIB token has been trading below its long-term price floor of $0.00001230, and the Relative Strength Index (RSI) of 14 days has failed to move past a ceiling at the 52.00 mark. Meanwhile, LTC has been trading near a resistance point of 50.00 on the RSI indicator, and is now hovering slightly above this mark.
The CEO of Ripple Labs, Brad Garlinghouse, has commented on the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP. He said that the case “has gone exceedingly well” and that it is important not just for Ripple, but for the entire cryptocurrency industry.
The SEC has alleged that Ripple and its executives sold XRP as an unregistered security, and the case is being closely watched by the crypto community. The outcome of the case could have a major impact on the future of the cryptocurrency industry, and it is likely to be a long and drawn-out process.
In the meantime, investors should keep an eye on the price movements of SHIB and LTC, as well as the developments in the Ripple case. Register your email here to get weekly price analysis updates sent to your inbox, and let us know your thoughts in the comments.