XRP Struggling As April Bears Fail to Loosen Grip: What’s Next Ripple?
XRP is stable above $0.50 with bulls failing to impress. Technically, Ripple sellers are in control unless prices break $0.55
XRP is unmoved above $0.50 as the extended consolidation/distribution continues. Regardless of what prints out in the short term and as long as prices are within the current ranges, traders expect a sharp breakout. Thus far, the bear breakout of mid-April shapes the current trend. In that case, XRP traders should closely monitor how prices react at $0.55 or April 13 highs. A breakout above this line might trigger more demand, lifting the coin to new highs.
The path of least resistance is southwards, even with optimism running high. At press time, XRP is stable in the past day and week. Interestingly, trading volume remains high, breaking above $1 billion. That participation is swelling without impacting prices suggests that whales are doubling down on either their longs or shorts. This preview is why the breakout direction above $0.55 or below $0.46 will be crucial.
When writing, the following XRP and Ripple news events will impact prices:
- Ripple is expanding. After announcing plans for a stablecoin in the coming months, the team is setting its eyes on an oracle. With this, Ripple will be taking on Chainlink in the oracles space. Currently, the XRP Ledger AMM is live.
- Ripple CEO Brad Garlinghouse has revealed that the blockchain company, though interested in conducting an IPO, will take their business elsewhere, away from the United States, as long as Gary Gensler is the chair of the SEC. Gensler has been criticized for stifling crypto innovation.
XRP Price Analysis
Looking at the XRP/USD price action, bulls are struggling.
Ripple is at May 20 lows, but the coin is firm above $0.50.
Even with the breakout below the ascending wedge, there is hope for buyers.
Aggressive traders might look to short on every retest below $0.55. This outlook is because the April 12 and 13 bear bars still shape the current price action. Therefore, even with May 20 gains and the absence of a confirmation, bears have the upper hand.
Even so, if buyers flow back, any surge above April 13 and $0.55 might ignite demand, lifting XRP to $0.60.
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