XRP Dips 5%, Will Relisting In New York Rejuvenate Ripple Bulls?

XRP, currently volatile, is under threat from bears pushing prices lower. Technically, sellers hold the reins due to the lack of breakout above $0.55 this week. However, with the coin maintaining its position above the $0.46 and $0.50 zone, there is a glimmer of hope for a resurgence of buyers. For risk-on traders, it may be prudent to wait on the sidelines until a clear trend definition emerges, either in the form of a bullish trend continuation or a drop aligning with the losses of mid-April.

Highlighting the state of XRP and Ripple affairs, the coin is relatively stable. Interestingly, even with the drop and prices moving sideways, the average trading volume shot to over $2 billion in the last trading day. As bears are in control, today’s trend will shape the short- to medium trajectory. A spike above $0.55 will be a welcomed reprieve for upbeat bulls.

XRP daily chart for May 24

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The following XRP and Ripple news are worth watching:

  • In what’s a major boost for XRP trading, Coinbase, one of the world’s largest exchanges, listed the coin for New York residents. The resumption comes after a 9-month break. Still, regulatory clarity, especially on its status, may see more states and countries like Japan permit trading.
  • The decision by the House of Representatives to pass a bill barring the launch of CBDCs is when Ripple plans to launch a stablecoin. The USDC competitor will deploy on the XRP Ledger, tracking the USD.

XRP Price Analysis

XRP/USD is trending lower, sinking roughly 5% from this week’s highs.

Traders are nonetheless upbeat.

It is crucial to monitor $0.55 and $0.46 closely. These levels could dictate the future trajectory of price.

A breakout above $0.55 might trigger more demand, rewinding April 13 losses and sparking a lift-off to $0.60 or higher.

Conversely, losses below $0.46 will deflate confidence, possibly accelerating the sell-off to $0.40 in a bear trend continuation pattern.

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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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