XRP Dips but Ex-Ripple Executive Defiant Even As Dogecoin Closes In

XRP is under pressure, and sellers have taken over, looking at how prices have evolved over the past few trading days. Although the coin might be hanging above $0.50, the recent breakout below the ascending wedge and the support trend line is bearish. Therefore, for optimistic bulls, the reaction at the $0.46 and $0.50 area will be crucial in the short term.

As XRP prices print discouraging lower lows, dashing expectations, the coin remains at seventh in the market cap leaderboard. Still, it could lose the spot to the resurgent Dogecoin. In the past day and week of trading, the coin remains stable. Falling prices are impacting sentiment, as visible in the average trading volume, down from the $1.1 billion average of last week to slightly above $850 million.

The following XRP and Ripple news might dominate news headlines today:

• The blockchain company Ripple usually offloads coins to meet rising operation costs. However, in June, they might offload 400 million XRP, the largest liquidation since 2017. The firm has capped monthly sales at no more than 350 million XRP for seven years.
• A former Ripple executive, citing favorable pro-crypto regulations in the United States, thinks XRP is priming for a sharp breakout. Besides the impact of the ongoing court case, the robustness of Ripple as a payments company could play a major role.

XRP Price Analysis

From a top-down preview, XRP is within a bear breakout formation.

Thus far, XRP/USD is below the ascending wedge but is hanging above $0.50.

The breakout means sellers of mid-April 2024 are still in control.

Aggressive traders might align their entries with the emerging trend, targeting $0.46 or the lower limit of the support zone.

Conversely, any uptick lifting XRP above $0.55 will be a foundation for the next leg up to $0.60.