⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here


XRP Drops 25% In April, Sellers Unrelenting: Will Prices Retest $0.40?

XRP is falling, as is the trend across the board. Looking at the daily chart, the seventh most valuable coin found strong rejection from the middle BB. This dump means all gains from April 20 to 22 have been wiped out. As XRP weakens, it only cements the overall preview that sellers are in charge. This outlook aligns with the losses of April 12 and 13, acknowledging the presence of determined bears at the $0.55 and $0.60 zone.

The sell-off means XRP is down 25% from April highs at spot rates. However, prices fell 35% to the lowest point in April when it touched $0.41. So far, XRP is down 11% in the previous trading week. 

XRP Daily Chart for May 1

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

Amid the broader crypto meltdown, XRP and Ripple traders should watch the following news:

  • USDT dominance is waning. Now, analysts say the planned release of the Ripple stablecoin is timely. This entry would be a big sentiment boost, giving XRP more exposure. In turn, this might support prices in the months ahead.
  • Reportedly, Ripple and the United States SEC agreed to expedite the lawsuit on Friday. Then, the public will get to known whether XRP is a security or a commodity like Bitcoin.

XRP Price Analysis

XRP/USD is down 37% from March 2024 highs.

Of note, prices are still waving inside the April 13 bear bar. This formation swings price action in favor of bears from a top-down preview.

Since prices fell on April 30, every attempt towards $0.52 might offer entries for sellers to double down, targeting $0.40 in the short term.

The sell-off will accelerate if there is a conclusive drop below $0.46, a local support level.

However, if an unexpected rally pushes the coin above $0.55, this bearish forecast will be invalid. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
Related Articles