XRP Volatile: Will Ripple Break From This 8-Week Range?
XRP is volatile, dumping sharply after yesterday's gains. Even so, Ripple must close above the current range for trend definition
XRP was one of the top performers following yesterday’s impressive gains. However, when writing, bears are back, reversing all gains. As it is, the path of least resistance, from a top-down preview, remains southwards. However, this could quickly change should XRP break $0.55.
At spot rates, XRP is stable on the last day and week. Notably, the spike in the average trading volume rose to over $2.5 billion in the past 24 hours. Although bears still dominate, traders are taking note of a shift in momentum.
As XRP prints higher, the following Ripple news could push the coin even higher:
- Over the past week, XRP-related investments received over $1 million in inflows, bucking the trend. Of note, this is the second consecutive week where Ripple financial instruments are receiving capital, boosting confidence.
- The United States SEC is arguing that the proposed lowered penalty it wants from Ripple won’t be enough. The blockchain company’s lawyers, citing the Terraform Labs settlement, are asking the presiding judge to pay nothing more than $10 million.
XRP Price Analysis
XRP/USD is stable and volatile when writing.
Even though the primary trend is bearish, aligning with the April 13 bear bar, momentum seems to be shifting.
The June 17 bar is wide-ranging and backed by rising volume.
Nonetheless, traders can only wait until there is a sharp close above $0.55, especially considering losses earlier today.
When this prints out, XRP will break out from the range, confirming gains of late April.
In that event, traders can load the dips, targeting $0.66 and $0.74.
Any unexpected turn pushing XRP below $0.46 will invalidate this preview, paving the way for a retest of $0.40.
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