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XRP Revival: Ripple Bulls Spring Back To Life, will $0.55 Fall?

XRP, like the rest of the markets, is back to green, finding a solid anchor at the $0.50. Even though prices are oscillating inside the wedge, the uptick of May 15 is welcomed. Looking at the candlestick arrangement in the daily chart, buyers appear to be building on and preparing for more gains. However, prices must hold above $0.50 for this forecast to hold. A breakout above $0.55 at the back of rising volume might see XRP register more gains.

Reflecting the current state of affairs, trackers show that XRP is up 4% in the last day. However, gains weren’t massive enough to completely wipe out losses of the past week. Even so, should today end up as bullish and prices edging above the wedge, the tide would have turned. Presently, trading volume on the last day stands at over $1 billion, the first time this week.

XRP daily chart for May 16

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The following XRP and Ripple news will make or break prices:

  • Ripple—the blockchain company using XRP in some of its solutions—is integrating Metaco months after acquiring the platform. This incorporation now means the blockchain company is a complete Digital Asset Custody Service platform. This could be crucial considering Ripple’s plans to launch a stablecoin and ride the tokenization wave.
  • While there are rumors that the United States SEC is scrutinizing plans of Ripple of launching a stablecoin, analysts believe the eventual release of a USDT competitor will be a massive boost for XRP. 

XRP Price Analysis

XRP/USD is rallying, finding primary support from $0.50.

Should XRP close above $0.52 today, buyers could find the momentum to breach the bear flag to the upside and conquer $0.55.

So far, there is a double-bar bullish formation following a week of consolidation.

The current events align with price action from April 18 to 22, which shapes XRP prices.

Aggressive traders might load the dips above $0.48, targeting April 22 highs of $0.57.

Meanwhile, risk-on traders could search for entries once there is a clean break above $0.57—or $0.40. 

Their immediate target will be $0.74 if bulls take charge or $0.35 if sellers emerge on top.

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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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