XRP is falling, and buyers are unable to reverse recent losses. As the coin melts down, price action has been tilted to favor sellers. However, this could change if prices float higher today and unwind losses of late last week. Technically, the path of least resistance is southwards, and XRP is within a bear formation, confirming the double tops whose first leg formed in November 2023.
Currently, XRP is down 18% from last week, signaling bear dominance. At the same time, participation is at $2.2 billion in the past trading day, down 6%. This contraction shows that sentiment is down, and traders are staying away from the market for now.
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The following XRP and Ripple news might influence price action in the days ahead:
- On Sunday, Ripple, the company using XRP in one of their solutions, sold 100 million coins. The batch was from the 1 billion XRP released every month from their escrow account. Out of this, 200 million were moved to a treasury account.
- Community users are now proposing the release of an XRPL-based DeFi lending protocol similar to Maker or Aave on Ethereum. If the proposal goes through, XRP and tokenized versions of Ethereum and Bitcoin will be among the tokens supported.
XRP Price Analysis
XRP/USD is trending lower, looking at the candlestick arrangement in the daily chart.
The $0.50 remains a critical resistance level. At the same time, traders should watch the April 13 high of around $0.55.
As it is, prices are inside the bear bar of April 13. This formation suggests that sellers are in control, even with the undervaluation of April 14.
Considering this arrangement, every high may offer entries for shorts with near-term targets of $0.40 or April 13 highs.
A surge above $0.55 might slow the draw down, allowing buyers to flow back and unwind last week’s losses.