XRP Chop Continues: When Will Ripple Bulls Breakout From The 2-Month Range?
XRP is in red but choppy, per the formation in the daily chart. Even though there are hints of strength, traders should stay on the sidelines until there is a trend definition. Before then, conservative traders can wait for a decisive breakout above either support or resistance. As it is, aggressive traders can short provided $0.55 remains as a critical resistance level capping any attempt higher.
With the coin moving sideways, there are no substantial gains for bulls or bears. The coin is flat on the last day but up 3% in the previous trading week. However, even with this flat-lining price movement, the average trading volume is at $1 billion.
Presently, traders are looking at the following XRP and Ripple news:
- Eventually, Ripple, the blockchain company, plans to keep 25% of the total supply and profit from them. Once they do, these funds will be used to further the firm’s operations. Ripple continues to sell XRP to fund operations as they battle the United States SEC.
- David Schwartz is comparing how the United States SEC is handling ETH to China’s previous approach to Bitcoin trading and mining. With this, the CTO thinks the agency has been inconsistent and even manipulative.
XRP Price Analysis
XRP/USD is moving sideways, pushing the consolidation to over several weeks after the flash crash in March.
As things stand, sellers have the upper hand.
Therefore, even with recent gains, aggressive traders might consider shorting the coin, aligning with the price action of June 11.
A key resistance level to watch is $0.55 and June 11. Once this line breaks, buyers stand a chance, expanding to following the May 20 bull bar.
Before then, sellers have the upper hand and the immediate target is $0.46 and later $0.40.
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