XRP Sellers Cap Gains At $0.55: When Will Ripple Bulls Take Over?
XRP is trending lower, with bulls of May 20 failing to flow back. Still, the coin has strong support at $0.50
XRP is flat when writing, but buyers have the upper hand. The strong rejection bar of May 21 was followed by a bear bar on May 22. This formation suggests that sellers were mostly in control. Even so, it remains to be seen whether bulls of early this week will shape the short to medium-term trend. At least from a technical formation, what’s important is that $0.50 holds, and bulls use it as a base to roar, ideally above the $0.60 level.
The inaction and waves of liquidation of May 22 show in price action. XRP is down 2% in the past day, while sellers have reversed gains. The coin was just up 2% in the previous trading week. If sellers are to take over, they must break below $0.46. However, this is unlikely since there has been strong rejection. Expanding prices saw volume pick up, breaking $1 billion from May 20.
As XRP moves sideways between $0.50 and $0.55, the following XRP and Ripple news will likely influence prices:
- In what will be a huge boost for Ripple, especially in the battle against the embattled United States SEC, the White House said they are willing to work with Congress to develop a favorable, progressive regulatory framework for digital assets.
- The United States SEC issued Uniswap, one of the largest DEX, with a Wells Notice. This is an intention to sue. In response, the DEX’s lawyers quoted several sections from the ongoing court case pitting the regulator with Ripple.
XRP Price Analysis
XRP/USD is recovering but moving sideways.
Though the breakout of May 20 was encouraging, the lack of confirmation is a concern.
Moreover, XRP bulls have not conclusively closed above $0.55 and April 13 highs.
If buyers were to have a chance, a complete reversal backed by a wide-ranging and high-volume bar above $0.55 would confirm their presence.
Before then, the zone between $0.46 and $0.50 is worth watching.
If selling pressure from the May 21 bear bar spills over, forcing the coin below $0.46, the uptrend forecast will be invalid.
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