XRP bulls remain bullish, but price action in the daily chart shows a week of steady lower lows. Sellers are dominating proceedings, and it could get worse for bulls if they fail to flow back. The series of lower lows is accompanied by lighter trading volumes, which is a net positive for bulls.

So far, XRP is trading lower, dropping 3% and 5% in the past day and week. Losses in the last few trading sessions are slowing down momentum and threatening to reverse recent gains. With dropping prices, trading activity is taking a hit. As an illustration, trading volume has been below $1 billion in the past 24 hours, signaling a cautious market.

In the sessions ahead, the following news events continue to shape price action:

• The case against the United States SEC has been going on for slightly over three years. However, some believe the agency’s lawyers can delay this settlement even longer by making appeals. Their potential appeal would further delay the expected settlement by preventing the sale of XRP for ODL purposes.
• Falling BTC prices have massively impacted XRP prices, as shown in the daily chart. Though the eventual settlement of the ongoing court case will affect prices, XRP and BTC remain directly correlated. Further sell-offs of the world’s most valuable coin might accelerate the drop towards $0.40.

XRP Price Analysis

XRP/USD is relatively firm, at least looking at its performance from mid-April.

At press time, the path of least resistance is southwards.

Though prices increased from April 19 to 22, the rejection toward $0.50 validates the bear breakout formation of April 12 and 13.

Since prices have been decreasing in the past week, sellers are in charge below $0.55.

Any surge above $0.55 will cancel out the bear outlook, forming the basis for a possible rally to $0.60.