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XRP Oscillates In A Boring Range: Will Prices Soar or Plunge?

XRP is relatively firm compared to the performance of Bitcoin and Ethereum. Losses were contained on May 14, but the pressure remains. In the short to the medium term, how the coin performs largely depends on fundamental factors, away from candlestick arrangement. So far, XRP has strong support at the $0.46 to $0.50 region. On the upper end, there is intense liquidation at the $0.55 to $0.60 level. Bulls should conquer this resistance for any chance of prices floating back to $0.74 or better.

XRP prices are flat in the past day and week. At spot rates, the coin has been stable in the past 24 hours but down roughly 4% in the previous week. Trading volumes is also mostly decent but below $1 billion.

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XRP daily chart for May 15

The following XRP and Ripple news are worth watching:

  • On Monday, there was a filing of omnibus letter motions relating to the ongoing court case pitting the United States SEC and Ripple. The goal of the letter is to conceal crucial details pertaining to remedy documents. These details relate to, among others, Ripple’s contracts with third parties and their financial statements.
  • After six years of close collaboration, Ripple announced the renewal of their $1.05 million partnership with Morgan State University. Under Ripple’s University Blockchain Research Initiative (UBRI), the goal is to foster blockchain innovation.

XRP Price Analysis

XRP/USD prices remain flat this week.

Oscillating just above $0.50, sellers are still in control, and prices are in a descending wedge.

The bear breakout pattern of mid-April remains as long as prices are below $0.55.

However, for the downtrend to be defined, permitting sellers to double down, there must be a definitive close below $0.46.

If not, and buyers build up momentum, a close above $0.55 and the resistance trend line of the current wedge might ignite demand. This way, aggressive traders might find entries to load, targeting $0.74 or better.

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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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