XRP Bearish: After Weekend’s Gains, Is There Something Big Cooking for Ripple?

XRP is lighting up and pushing higher after the surprising price action over the weekend. Even though prices remain primarily flat and below $0.50, there are hints that something big might be cooking. The primary support remains at around $0.46 and remains untested. On the upper end, traders are closely tracking how prices will react at $0.52. The bullish bar of June 15 could be the base for a much-welcomed lift-off in the sessions to come.

Though XRP will be influenced by the performance of Bitcoin and top altcoins, fundamentals are key drivers of price. So far, the coin is steady over the last day, down roughly 1%. At the same time, it is down 2% in the previous trading week. Though prices shot higher on June 15, engagement is surprisingly low. The average trading volume fell below the $1 billion mark yesterday.

The following XRP and Ripple news could impact price action today:

• Taking to X, Ripple’s Chief Legal Officer said the United States SEC is currently raging after the blockchain company defended itself, agreeing to nothing. He added that a court had already ruled that XRP is not a security and that there were no victims to compensate.
• Brad Garlinghouse, the CEO of Ripple, now claims they are working with ten governments around the world, looking to implement a CBDC.

XRP Price Analysis

XRP/USD looks solid per the formation in the daily chart.

Thus far, the three-bar bullish pattern could be the base for more gains this week.

Even so, the path of least resistance remains southwards.

Traders should watch $0.46 as support and $0.55 as resistance.

As it is, bears have the upper hand, so every high could offer tight entries for sellers to double down, aiming for $0.40.

This position will be valid until all losses of June 7 are wiped out.