XRP Bearish: Former Ripple Executive Explains Why Prices Is Still Below $0.50

XRP recovered yesterday, mirroring the general performance of top altcoins like Ethereum and Solana. Even so, the path of least resistance is southwards, and there won’t be any reprieve for bulls unless there is a breakout above immediate local resistance levels. Key reaction lines to watch out are $0.52 and $0.55. However, if the primary trend is sustained, XRP could tank, even retesting $0.40.

As bears maintain their presence and cracks widen on XRP, the coin is mostly stable in the past day, adding roughly 2%. At the same time, it is down 7% in the previous week. Since the uptick of June 12 wasn’t vigorous, the average trading volume is still at the $1.2 billion mark.

XRP daily chart for June 13

The following XRP and Ripple news developments are worth tracking:

  • A former Ripple executive, Sean McBride, believes that the ongoing Ripple versus the United States SEC court case is among the multiple key factors that suppress prices. Taking to X, McBride said once Judge Analisa Torres makes a ruling in the coming weeks or months, Ripple will be unbridled, even rallying.
  • Brad Garlinghouse, during the XRP Ledger Community Summit in Amsterdam, unveiled their stablecoin, RLUSD. The stablecoin, whose launch date is unspecified, will prime the broader XRPL ecosystem.

XRP Price Analysis

XRP/USD price action is generally muted, trending a few cents from the psychological $0.50 mark.

For now, the path of least resistance is southwards.

Accordingly, aggressive, risk-off traders can look to short on every attempt higher, targeting $0.46 and $0.40.

This preview is because prices are still trending inside the bearish engulfing bar of June 7.

Because bulls have been unable to turn around the trend. Bears have the upper hand from an effort versus result perspective; aligning with sellers of mid-April.

When XRP breaks $0.55 aggressively, this preview will be invalidated.

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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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