XRP was firm on May 1, rejecting bears of April 30. By the close of yesterday’s bar, prices were in green with a long lower wick printing pointing to demand. If this spills over to today, bulls might benefit. Most importantly, it will keep prices above $0.50, even setting the base for more gains toward $0.52 and $0.55. Overall, sellers are still in control until after prices race above $0.55, shaking off the weakness of mid-April 2024.
So far, XRP is stable, adding 2% in the previous trading day. Even so, it is down 5% week-to-date. This means prices are firm in the immediate term, and bulls are trying to unwind recent losses. Rising prices on May 1 was at the back of expanding participation. The average trading volume on the last day rose to $1.5 billion, up 25%.
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The following XRP and Ripple news are worth watching:
- XRP prices remain in a Death Cross formation. This technical pattern is bearish. However, it appears that whales have been rapidly accumulating the coin, buying on dips. Still, it is yet to be seen whether this will support prices in the sessions to come.
- Rumors are that the United States Judge presiding over the ongoing case will rule in favor of Ripple. If that’s the case, the blockchain company would have to pay the $10 million penalty, not the $2 billion the United States SEC wanted.
XRP Price Analysis
XRP/USD reversed strongly on May 1.
From the XRP candlestick arrangement, sellers remain in charge. The April 12 and 13 bars continue to set the short to medium-term trend.
Therefore, as long as prices remain below $0.55, sellers can look for entries to short. This preview is validated by the fact that prices are inside the April 13 bear bar.
The first target would be $0.46.
If not, and prices bounce sharply, breaking $0.55, XRP might rally above $0.60 towards $0.74, invalidating this bearish outlook.