XRP is struggling for momentum as bulls appear to exit. Looking at the daily chart, the intense liquidation of May 6—judging from the long upper wick—spilled over to May 7. Since then, sellers have been in control. Yesterday was uneventful, and bulls didn’t even appear to be present. Still, there is a chance of buyers pushing back, soaking every attempt for lower lows, at least in the short term. This preview holds as long as $0.50 is supported.
At press time, XRP is firm on the last trading day and week. Participation will likely remain low without a convincing breakout above the local resistance level or a drop below support. Thus far, the average trading volume remains at around $1 billion.
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The following XRP and Ripple news are worth keeping an eye on:
- From court filings, the United States SEC lawyers are pushing back a proposal by Ripple to pay fewer fines. They maintain that the blockchain firm should pay their original claim of $2 billion for selling XRP during their ICO without registration. Failure to do this, the regulator added, would encourage other issuers to violate the country’s securities laws.
- In a post, Ripple said the stablecoin market could expand and cross the $3 trillion level by 2028. The firm has plans to issue its stablecoin pegged to the USD. They will take on other established platforms like USDC and USDT on launch.
XRP Price Analysis
XRP/USD is auctioning lower at press time and struggling to maintain the uptrend.
As it is, XRP has resistance at $0.55, and bulls must push prices above this hurdle, canceling out sellers of April 13 in the process. Doing this will also confirm the buying pressure from April 20 to 22. Subsequently, it may set the foundation for a retest of $0.74 and March highs.
On the flip side, sustained losses from spot levels and below $0.50 will pour cold water on XRP, ever reclaiming $0.60. In that case, the coin could crash to as low as $0.40, retesting April lows.