XRP Holds $0.50 As Talks Of Spot Ripple ETF Emerge

XRP is moving sideways at press time, and price action has been mixed. Buyers seem to have control in the short term following the leg-up on May 20. However, from a top-down preview, sellers of April 12 and 13 define the current trend. Technically, the coin is within a bear breakout formation as long as prices are below the liquidation line set at around $0.55.

At spot rates, XRP is stable and consolidating horizontally. This state of affairs reflect in the boring price action. There are higher highs, looking at price action in the last month. For now, prices are firm, with the coin up 3% in the last week. Despite minor gains, the average trading volume on the last day is low at slightly over $490 million.

The following XRP and Ripple news developments are worth tracking:

• As the United States SEC set the process for the eventual launch of spot Ethereum ETFs, Standard Chartered analysts think a similar product for XRP will be approved by 2025. The global bank first invested in Ripple in 2016.
• Until Ripple stops dumping XRP through programmatic sales, one analyst says, prices will remain low. Ripple, the blockchain company, holds over 4.8 billion XRP. They regularly sell to finance operations and finance research and development.

XRP Price Analysis

XRP/USD is moving sideways inside a large triangle at spot rates.

There are a series of higher highs following gains from mid-April.

While prices have been see-sawing in the past week, gains of May 20 weren’t reversed.

Even so, there will be a clear break if prices surge past $0.55. In that case, Ripple might soar to $0.60 or higher.

Conversely, losses below the support trend line and $0.50 weaken this bullish outlook.