XRP Cracks under Pressure: A Run Back to $0.50 Incoming?
XRP bears are in control, as prices are breaking out from a consolidation. The coin might fall to $0.50, confirming sellers
XRP is dropping, extending losses, as evident in the daily chart. After days of sideways movement, the double top formation has been validated. As such, the coin might continue printing lower lows in the sessions ahead. So far, XRP is down 22% from March 2024 highs, and under pressure.
When writing, the path of least resistance has been defined to be southwards. XRP is now down 2% from the previous day, with sellers taking over. There are now three consecutive bear bars, pointing to weakness and the inability of buyers to maintain the uptrend.
At spot rates, the associated trading volume in the past 24 hours is down 11% to over $1.5 billion. Traders are taking a wait-and-see approach, pointing to general caution.
In the meantime, the following Ripple and XRP news might shape price action:
- Ripple, the blockchain company, sent 1 billion XRP to a wallet. This amount will be locked until 2027. As more coins are taken out of circulation, this could support prices. For this reason, analysts remain hopeful, expecting prices to bounce above $0.66.
- In a recent statement, Ripple now says the incorporation of their cross-border solution has seen SCB Thailand process transactions within a minute. So far, over 80,000 monthly transactions have been processed. There are other multiple financial processors using On-Demand Liquidity (ODL) for cross-border transfers, boosting Ripple and XRP’s utility.
XRP Price Analysis
XRP/USD is cracking under pressure at spot rates.
As XRP prices slip, the coin continues to drift away from the recent consolidation and chop of between $0.58 and $0.66.
This suggests that the coin is breaking lower, supporting the bearish preview.
As long as prices remain below $0.58, the coin may retest $0.50; an opportunity for sellers.
This bearish preview will only change if there is a sharp break above $0.66, aligning price action with bulls of March 11.
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