XRP Sellers Winning: Will June Be Worse For Ripple?

XRP is down, sliding by around 2%. Even though the upside momentum remains, it is crucial for Ripple bulls to keep prices above $0.50

Dalmas Ngetich•Thursday, May 30, 2024•2 min read

XRP is down and sliding, just like Bitcoin and Ethereum prices. The coin remains above the crucial support zone at $0.50 even as bears reject any attempts for higher highs. In the short to medium term, $0.50 and $0.55 will be crucial reaction points. Though the reaction inside the ascending wedge matters, traders are inclined more to watch how prices move either above or below resistance and support.

Over the last day and week, XRP has dropped around 2%. Impressively, the average trading volume, according to CoinMarketCap, is above $1.2 billion. Considering the current consolidation and the fact that sellers are technically in charge from a top-down preview, any rejection of lower prices might attract buyers. This formation will improve sentiment, subsequently forcing participation higher.

The following XRP and Ripple developments are worth tracking:

The CEO of Ripple, Brad Garlinghouse, is an optimist. He has asserted that XRP and Ripple did nothing wrong, and the United States SEC is placing a cap on crypto innovation. This year, the CEO thinks, will be a massive year for crypto since supporters will be forced to play a crucial role. Supporters have been actively lobbying for pro-crypto regulations.
If past price action guides, some analysts think XRP will disappoint bulls this coming June. The coin is just a meager 7% in May, and there could be more turbulence in June. Historically, XRP prices tend to drop, recording an average negative 8% over the years.

XRP Price Analysis

XRP/USD is flat when writing.

Even though bulls are optimistic, sellers have the upper hand.

The absence of activity means aggressive traders can wait on the sidelines until prices close above $0.46 or $0.55.

If buyers from last week flow back, forcing prices higher, a close above $0.55 will be crucial. It might ignite a wave of demand, lifting XRP to $0.66, a key resistance level.

However, a drop below $0.46 will confirm sellers of mid-April, confirming the multi-month support trend line break. In that event, there will be a strong case for a retest of $0.40.