XRP Dips 5%, Will Relisting In New York Rejuvenate Ripple Bulls?
XRP is down 5% from this week's highs but bears are pressing on. A breakout above $0.55 is crucial for Ripple bulls to take over
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.
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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