XRP Bleeding, Trading Below $0.50: Will This California Win Boost Demand?

XRP is bleeding, but unlike Bitcoin and Ethereum, losses were largely contained. Even so, the path of least resistance remains, and this won’t change until there is a total reversal of April 13 losses. This effectively means despite hopes, XRP is within a bearish breakout formation, and bulls are struggling for momentum looking at performance in the daily chart. In the short term, traders should look to align with the dominant trend by selling on every attempt higher.

This preview shows in the performance over the last day and week. To put in the number, XRP is down 1% in 24 hours, pushing weekly losses to over 5%. Markedly, the average trading volume is also picking up momentum, expanding to over $1.1 billion at press time. Until there is a decisive break in either direction, conservative traders should keep away from the current consolidation.

XRP Daily Chart for June 15

The following XRP and Ripple news could influence price action in the short term:

  • XRP holders are closely monitoring how the court will rule on the penalty that Ripple, the blockchain company, should pay. An injunction would greatly hamper plans for the company to expand in the United States.
  • Amid legal woes, there was a reprieve in California. There, Ripple won against allegations that they breached United States securities laws. Still, they need to go to trial, and if they win, it would be a major boost for XRP.

XRP Price Analysis

XRP/USD is deep in red, looking at the formation in the daily chart.

Technically, sellers are in the driving seat.

As Ripple navigates the regulatory world, every high may offer entries for sellers to short, targeting $0.46.

Any breakout below this support level opens up the coin to $0.40.

On the upper end, any upswing above $0.55 would be refreshing, preferably if it is with a sharp uptick in trading volume.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
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.
Related Articles
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments