XRP Under Pressure And Ranging: Has XRPL Failed As Claimed?
XRP is under pressure and ranging horizontally, looking at the performance in the daily chart. Key resistance is at $0.66
XRP remains in a consolidation with no meaningful progress. The coin is down 2% on the last day and 4% on the previous week. However, gains or losses remain very narrow since prices are within the $0.59 and $0.66 range. From the daily chart, buyers have a chance, but losses will rapidly swing in favor of sellers.
With price action moving in favor of sellers, participation is shrinking. In the past day, trading volume is down 17% to $1.6 billion. At the same time, the market cap is at $33.5 billion, down roughly 2% in the same period. A breakout taking prices out of this range must be with rising volumes.
Traders are watching the following XRP news:
- Though Ripple developers are putting in effort to work on its ledger, Forbes now claims the XRPL is ineffective and has failed up to its expectations. The publication also said all its tokens are nothing more than speculative. Even so, Charles Hoskinson of Cardano thinks Forbes is wrong in their assessment.
- The protracted Ripple versus the United States SEC case might be coming to an end. As settlement, the blockchain company could be penalized. However, the size might be reduced since the regulator will likely find it hard to prove individual investor losses.
XRP Price Analysis
XRP/USD is under pressure and likely to post losses in the sessions ahead.
Despite gains in early March, the coin has been edging lower in the better part of the month.
So far, key resistance is at $0.66.
On the other hand, support is at $0.59.
Therefore, traders can adopt a wait-and-see approach unless there is a conclusive close above this zone.
If buyers take charge, XRP might rally to $0.74 in a buy trend continuation pattern.
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