XRP Struggles to Break Out from $0.55 And the Ascending Wedge: What’s Going On?

XRP, like Ethereum and Bitcoin, is trending lower, looking at the performance in the daily chart. Price action remains confirmed inside a wedge, and bears remain in control. This outlook is valid as long as prices remain below $0.55. As it is, conservative traders can stay on the sidelines waiting for a clean trend definition. A break below the support trend line and $0.50, reversing May 20 gains, will heap more pressure on the coin.

XRP bulls are optimistic for now, citing fundamental factors, especially around the ongoing Ripple versus the United States SEC case. A positive outcome will drive prices above the local liquidation lines. Before then, XRP is consolidating, moving sideways. The coin is stable in the past 24 hours but down 2% in the last week of trading. At the same time, participation is lower, holding at slightly above $1.1 billion.

The following Ripple and XRP news are worth tracking:

• Through XRP, Ripple allows for instantaneous settlement. This is better than the new standard directed by FINRA. From today, all settlements will be on the next business day after initiating the trade.
• After over three years, the ongoing Ripple versus the United States SEC is set to conclude in the next coming weeks. Ripple supporters are hopeful a ruling by the court will be favorable for the blockchain company, lifting XRP as a result.

XRP Price Analysis

XRP/USD is trending sideways at spot rates.

As prices move inside the wedge, traders are closely monitoring the reactions at $0.55 on the upper end and $0.50 on the lower side.

The support trend line is also important.

Overall, sellers of mid-April continue to define price action. However, this will change if bulls close $0.55, reversing April 13 losses.

Conversely, any dip, at the back of expanding volumes, below $0.50 will likely mark the continuation of the bear breakout formation. In that case, XRP might drop to $0.46 and $0.40.