XRP Stalls above $0.50: Will Ripple Rip Higher On RWA Narrative and Stablecoin Launch?

XRP price action is uneventful and bearish at spot rates. There were signs that bulls would take over, but this has not been the case. Looking at Ripple prices, sellers are dominant and inside an ascending triangle. This outlook will only change should there be a decisive close above $0.55 or below the $0.46 to $0.50 support zone—or the support trend line of the triangle.

Despite the current state of affairs, XRP is perched at seventh in the market cap leaderboard. Until there is a clean break in either direction, prices will remain stagnant. Interestingly, even with this state of inactivity, the average trading volume is over $1.1 billion.

XRP daily chart for May 29

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The following XRP and Ripple news are worth tracking in the coming sessions:

  • ETC Group, a crypto ETP provider, is partnering with Zodia Custody, a Ripple partner, to further the crypto ETP space. In this arrangement, Zodia will secure digital assets backing all spot ETPs issued by ETC Group.
  • Even as XRP prices move sideways at spot rates, one analyst thinks the coin has more upside potential because of, among others, the tokenization or RWA narrative and the upcoming launch of the Ripple stablecoin.

XRP Price Analysis

Looking at the candlestick arrangement, XRP/USD remains under immense selling pressure.

Though prices are inside a rising wedge, XRP sellers of mid-April 2024 still dominate.

Unless there is a firm close above $0.55, the path of least resistance remains.

On the flip side, $0.50 is a strong, reliable support level.

Therefore, if prices are inside this zone, traders can adopt a wait-and-see approach.

If bulls take over, closing firmly above $0.55 on rising volume, traders can target $0.60 and $0.66, aligning with the bull bars of May 15 and 20.

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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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