Ripple price analysis: XRP / USD capped by $ 0.60 as Ripple company joins crypto lobby group

• XRP / USD retraced from Asian high, but remained a growth leader of Monday.
• Crypto lobby headed by Ripple will pay for services in USD and XRP.

XRP / USD is changing hands at $ 0.5962, off Asian high reached at $ 0.6047. Despite this retracement, the third largest coin by market is still 3.5% higher day-on day basis. XRP's market capitalization has settled at $ 21.3B, down from the recent peak of $ 23.5B, while an average daily trading volume is set at $ 1.4B.

What's going on

Ripple company joined the group of fintech companies and startups that had bundled together with lobby cryptocurrency and blockchain issues in Congress. Securing America's Internet of Value Coalition (SAIV) includes the Ripple Works Foundation, a digital payment company Coil, a digital-asset focused investment firm, Hard Yaka, and PolySign, a startup that aims to become a crypto custodian.

Klein / Johnson Group, which will receive payment for its services in USD and XRP.

"We understand this is really complicated, and there is a lot of misinformation out there. D.C, "Chris Larsen, executive chairman of Ripple, commented on the news.

XRP's technical picture

Looking technically, XRP / USD is supported by $ 0.5725 (SMA50, 1-hour chart, this is closely followed by short0term upside trendline at $ 0.5600. $ 0.5523 (SMA100, 1-hour) and $ 0.5320 (SMA200, 1-hour) On the upside, the recovery is limited by $ 0.6000 so far by Sunday's high at $ 0.6227.

XRP / USD, 1-hour chart