XRP Bulls Weak: Prices Back In Consolidation below $0.50, what’s next for Ripple?

XRP is under immense selling pressure even after encouraging events over the weekend. As things stand, bears have been neutralizing all attempts by bulls to bounce from spot rates. Of note, the June 18 bar effectively canceled out gains posted over the weekend, pushing back the coin below $0.50. Looking at price action, XRP is still in a multi-week consolidation with clear caps at $0.55 on the upper end and $0.46 on the lower end.

Considering the state of affairs, XRP is stable over the past trading day and week. Bears clearly have the upper hand, with this preview changing once there is a conclusive, preferably high-volume close above the sideways consolidation. The dump below $0.50 yesterday also saw the average trading volume shoot to over $1.5 billion in the last trading day.

Traders should closely watch the following XRP and Ripple news:

• Though XRP is sliding, reflecting the general state of altcoins today, the ongoing case versus the United States SEC still has a big bearing on price action. Many experts say the case will conclude in the coming weeks or months.  Once it ends, the coin will likely fly, depending on the penalty directed to pay.
• Ahead of the official launch of the Ripple stablecoin, scammers are pouncing. According to reports, fake RLUSD are now in circulation, targeting unsuspecting users on the XRPL.

XRP Price Analysis

With XRP/USD back below $0.50, prices are squarely in a consolidation.

Traders can now wait for a clean breakout in either direction–$0.46 or $0.55—before acting.

Even so, bears have the upper hand, primarily because bulls cannot sustain the uptrend.

The current trend is shaped by April 13 and June 7 bear bars. Bulls have failed to conclusively reverse these losses, swinging price action in favor of sellers.

Any breach of $0.46 could see XRP tumble to $0.40, or worse.