Are XRP Bulls Preparing To Buy En Masse? Price Finds Support at $0.46

XRP, more like Bitcoin, fell yesterday but is pretty much stable at press time. There are signs of weakness because bulls are yet to bounce back, allowing sellers to go all in. Still, with prices not drifting too much away from $0.50 and the June 14 bar closing with a long lower wick, XRP might find a reprieve. However, things could take a turn for the worse should there be a sharp drop below the all-important support at $0.46.

At press time, the path of least resistance is southwards. Encouragingly for XRP, prices are mostly stable in the past 24 hours. Like most coins, it is still struggling to shed off bears over the past week of trading, dropping by 5%. Interestingly, despite the lower liquidity today, the average trading volume is elevated, standing at over $1 billion.

XRP Daily Chart for June 15

The following XRP and Ripple news should be closely monitored:

  • Yesterday, the United States SEC filed its response to the Ripple Notice of Supplemental Authority. The regulator wants the blockchain company to pay a $2 billion penalty. At the same time, the commission wants Ripple barred from selling XRP.
  • Despite the weakness brought by the lawsuit, Ripple expects the case to be settled within the next few months, probably by this summer. This will be a massive relief for XRP and prices, considering the impact the case has had over the years.

XRP Price Analysis

XRP/USD is stable over the last day but is bearish over the last week.

The zone between $0.46 and $0.50 is a crucial support area that bulls must hold if they are to have a chance.

Technically, any close below $0.46, the lower limit of this support area, could see XRP plunge towards $0.40, confirming the April 13 and June 7 bear bars.

Conversely, a welcomed uptick above $0.55 could see XRP fly to $0.74 or higher.

Conservative traders should stay on the sidelines until a clear trend is defined above (or below) the current consolidation.

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ABOUT THE AUTHOR See More
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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