XRP Slowing Down As SEC Set To Lose Power: Will Ripple Hit $1?
XRP is slowing down but remains within a bullish breakout formation above $0.50. Ripple bulls are now targeting $0.66 and $1
XRP, like Bitcoin, struggled to confirm yesterday’s gains of May 20. Looking at the daily chart, it is evident that buyers have the upper hand, moving away from the descending wedge following the recent breakout. As it is, bulls are in the driving seat, and $0.50 is emerging as an anchor for this leg up. Unless there is a slowdown, forcing XRP below $0.50, the path of least resistance remains northwards.
Presently, XRP has been steady in the last day and up 7% in the previous week. This expansion has also seen the average trading volume rise roughly 2X to over $1.7 billion. The rising engagement suggests that buyers are confident, and there could be more room for gains in the sessions ahead.
Traders should closely monitor the following XRP and Ripple news:
- Ripple plans to release a stablecoin in the coming months. The latest trademark filing reveals that the name “RLUSD” has been secured by Ripple Labs. Some in the industry now speculate that this could be the official trademarked name of the said stablecoin and USDT competitor.
- The passing of the Deploying American Blockchains Act of 2023 is crucial. With this act, powers are taken away from the United States SEC and vested in The Secretary of the Department of Commerce. The officeholder will advise the president on blockchain and DLT matters.
XRP Price Analysis
XRP/USD is encouragingly firm and likely to recover all losses of April 13.
After yesterday’s close, the series of higher highs might offer bulls an opportunity to double down on dips above $0.50.
From the daily chart, the immediate target is $0.60. Once this is reached, the bearish breakout formation of April 12 and 13 will be nullified.
If bulls continue to press on, XRP will likely float to $0.66 in a buy trend continuation formation, even reaching $1.
Conversely, any unexpected close below $0.46 cancels out this preview, allowing bears to take over.
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