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XRP Hang At $0.50: Can Bulls Make a Comeback or is it Game Over?

XRP bears were dominant last week, and the trend, per the candlestick formation in the daily chart, might continue this week. Even so, there is hope for now. Though prices might rally, the failure of bulls to close above immediate local resistance levels is a concern. Traders are closely monitoring events at $0.52 and $0.55 on the upper end. Losses below $0.46 might catalyze a sell-off, further dampening sentiment.

Still, there is confidence due to the ongoing United States SEC versus Ripple court case. Before key rulings are made, XRP is in the red zone, stable in the past 24 hours but falling 7% in the past seven days. At the same time, trading volumes have drastically shrunk, dropping to over $680 million.

XRP Daily Chart for May 13

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The following XRP and Ripple news are worth watching:

  • Over the weekend, XRP prices, for the first time, fell below a multi-month support trend line. Technically, when this happens, it is important bulls flow back. If not, any confirmation means bulls will have difficulty reversing losses. Sellers might see this as a signal to double down, moving with the shift in trend.
  • SBI Holdings is one of the multiple XRP Ledger validators. As Ripple looks to expand in Southeast Asia, SBI plans to expand the team by hiring a business development manager in Japan.

XRP Price Analysis

The daily chart clearly shows that XRP/USD is bearish and moving inside a descending wedge.

The failure of prices to edge higher, breaking $0.55, further supports determined sellers.

With mid-April losses shaping the current formation, traders might look for entries to dump if prices are below the $0.55 to $0.60 zone.

Losses below $0.46 and the descending wedge might trigger losses, forcing the coin lower, ideally towards April lows of $0.40.

Price action will shift to favor bulls if there is a close above $0.55 and April 22 highs. In that case, XRP may float higher towards $0.60 and $0.74, continuing the February and early March trend.

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ABOUT THE AUTHOR See More
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.
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