XRP is firm but within a very narrow range following a day of inactivity on May 7. Impressively, prices are still within the May 6 range; a bullish signal. As XRP trends above $0.52, aggressive traders expect a possible extension today. Even so, before then, a close above $0.55, reversing recent weakness, would cement the bulls’ position, setting the coin for $0.60 in the weeks ahead.

Amid upbeat holders, XRP is down 3% in the last 24 hours but up 6% in the previous week.  The failure of immediate gains yesterday has impacted sentiment, which is reflected in the narrow trade range. Overall, the average trading volume in the past day is down 37% to slightly more than $1.1 billion.

Meanwhile, traders are keeping track of the following Ripple and XRP news:

• A redacted public version of the remedies brief submitted by the United States SEC will be available today. This reply is crucial and highlights, among others, the justification presented by the regulator on why they want Ripple to pay a $2 billion fine.
• Brad Garlinghouse, the CEO of Ripple, has once again reiterated that XRP and ETH are not securities. Speaking on a fireside chat, the executive said the regulator is “grossly wrong” on its position. The conclusion of the three-year case versus the United States SEC will provide clarity on the state of XRP.

XRP Price Analysis

XRP/USD is within a bullish formation despite yesterday’s lull.

In the days ahead, how bulls react will shape XRP prices in the medium term.

Since the expansion from $0.50 is marked with decent trading volumes, bulls have a chance.

From the candlestick arrangement, bulls might load on dips above $0.50, targeting $0.60.

However, there will be clearer entries above $0.50, reversing losses of April 13. If bulls follow through, the coin might easily expand to as high as $0.74.