XRP Is Down, Ripple Bulls Unresponsive Despite Solid Partnerships
XRP is down 8% in the previous week despite positive fundamental developments released by Ripple in the past few days
XRP is surprisingly stable at press time amid the bloodbath in Bitcoin and Ethereum. The coin is trading inside a narrow range but below $0.50. At spot rates, bulls would wish for better. However, from the look of things, XRP bears are clearly in control since fundamentals don’t support buyers, at least for now. Technically, the zone between $0.46 and $0.52 caps price action. Any breakout in either direction would help shape the short-term trajectory.
Thus far, XRP is steady, looking at the performance in the daily chart. The coin is down 2% in the last day but still deep in red over the past week, sliding 8%. Unless there is a sharp uptick in trading volume and price above $0.55 or $0.46, conservative traders should still adopt a wait-and-see approach. With prices moving horizontally, the average trading volume on the last day is at over $1 billion.
The following XRP and Ripple news may shape price action:
- Despite major announcements this week, analysts are perturbed by the lack of movement. This week, Ripple announced their stablecoin, RLUSD, which is set for launch in the coming months. At the same time, they plan to launch an XRPL EVM sidechain.
- In a major step towards making the XRP Ledger a tokenization platform, Ripple extended their collaboration with Archax. Through this partnership, financial institutions can tokenize assets on the decentralized platform.
XRP Price Analysis
XRP/USD is stable but down when writing.
Even though there are hints of strength, sellers have the upper hand, at least in the short term.
A key reaction level to watch is $0.55.
Provided prices are inside the June 7 and 11 bars, every attempt higher offer entries for aggressive sellers target $0.46.
If there are more losses below $0.46, XRP will likely drop to $0.40 or April 2024 lows in the sessions ahead.
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