XRP Stalls: Ripple Bears Unyielding, Will Buyers Break $0.46?

XRP prices are all over the place. Although holders expect the best, price action talks of another tale. Technically, sellers remain in control, made worse by the sell-off of last week. Buyers don’t stand a chance until there is a decisive close above the current range. If XRP bears flow back, confirming the July 4 and 5 bars, the coin will likely dump toward the $0.30s range in the coming sessions.

Looking at price action, it is evident that XRP is under immense selling pressure. To put in the numbers, the coin is stable, adding 1% on the last day but still down 9% in the past week. Even though traders are optimistic, bulls have been pressed into one corner and are struggling to wriggle out. The sideways movement is why participation is dropping, contracting from around $1.3 billion early this week to approximately $1 billion at press time.

XRP Daily Chart for July 10

XRP and Ripple traders are watching the following news developments:

  •  Ripple plans to cement its position as a blockchain company. Data shows they have invested nearly $500 million across 60 different companies in crypto. Most of these companies are in Asia, mainly in Japan. Key partners include SBI Holdings and multiple payment processors.
  • Analysts are convinced the current XRP chop is a diversion before a sharp price break. Prices are inside a wedge as things stand, printing out a bull flag. A close above this triangle could see the coin rally to $1 or higher.

XRP Price Analysis

XRP/USD is consolidating when writing.

Since the bear bars of July 4 and 5 confine the current range, every high should technically be an unloading opportunity.

This preview is valid from an effort-versus-result perspective. If a dump prints out, backed by rising volume, the next price point traders should look at is $0.35 or lower.

On the other hand, buyers will only think of opportunities once XRP breaches $0.46 and cement its position above $0.50.

This formation will likely set the ball rolling for a retest of $0.55.

The eventual breakout could attract conservative traders targeting $0.74 and $0.95.

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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.
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