XRP Price Directionless, Will Sellers Send The Coin To $0.50?
XRP is directionless when writing and risks plunging to $0.50 if sellers press on, looking at the XRPUSD arrangement in the daily chart
XRP prices peeled off from the chop for the better part of March following losses on April 2. Now, sellers are back in contention, confirming losses on April 1. Even though buyers are in control and prices are still in the bull bar of March 11, the odds of further losses remain high.
When writing, sellers are in control, and price action is weighted more in the base of the March 11 bar. This signals that sellers might break below the support, extending losses and invalidating bulls’ attempts of early March.
XRP is down 3% in the past 24 hours and 8% in the previous trading week. Though there is optimism, the failure of bulls to press on is a worry. With prices dropping, the average trading volume in the past 24 hours is up to 55%, rising to $1.9 billion.
The following Ripple and XRP news might influence prices in the short term:
- Two United States Judges have disagreed with the July 2023 ruling that XRP is not a security. Nonetheless, the focus now is on the incoherent application of the Howey Test, especially on emerging asset classes, mostly cryptocurrencies.
- Beyond the ongoing court case between the United States SEC and Ripple, others are looking at the ongoing Coinbase ruling. Analysts say the outcome of this case might set a legal precedence that will impact the court’s view on the status of XRP.
XRP Price Analysis
XRP/USD is consolidating when looking at the candlestick arrangement in the daily chart.
Even though buyers expect more gains, retesting the crucial support zone at $0.57 and $0.59 might anchor sellers targeting $0.50.
In the short term, traders can wait for a clear break above the current consolidation.
A close above $0.66, with rising volume, might see XRP float to $0.74 as buyers take charge.
Conversely, losses below $0.57 might see XRP slip to $0.50 in the days ahead.
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