XRP is flat at spot rates and continues to trend inside a tight range, per the events in the daily chart. Despite the general confidence across the board, only prices will begin moving if there is a convincing spike in participation. This will be the foundation of more gains, possibly extending XRP towards local resistances at $0.55 and $0.60, respectively.
The inactivity is evident from XRP’s price action. Currently, the coin is flat on the last day and trading week. Looking at the daily chart, yesterday’s bar closed as a doji, pointing to general indecision. Even so, buyers still have a chance since prices are above $0.50. The average trading volume is at over $970 million in the past trading day.
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The following XRP and Ripple news might influence price action:
- Coinglass data now reveals that the recent drop in XRP prices saw over $1.27 million of leveraged longs liquidation. The anomaly could explain the recent bounce since it meant there was spot demand for XRP to close these longs.
- It is now emerging that the United States SEC is also targeting Ripple’s plans to issue a stablecoin. In their remedies reply brief, the regulator said the stablecoin is an unregistered crypto asset. They added that this is enough reason to prove that Ripple will continue to engage in unregulated activities if the court doesn’t bar them from selling XRP.
XRP Price Analysis
XRP/USD is technically bearish, looking at price action in the daily chart.
This assessment follows the drop in the first half of the week and the general inactivity on May 9.
Even though prices are still trading above $0.50, there must be more conviction from bulls. Accordingly, traders should wait for a clean break above $0.55 for hints of trend continuation.
Until then, traders can adopt a wait-and-see approach, but they should be aware that XRP could face significant downward pressure if prices drop below the $0.46 and $0.50 support zone.