XRP is moving sideways, acting like a stablecoin. There are hints of strength, but this needs to be confirmed in the next few trading sessions. As XRP prices stand now, risk-averse traders can adopt a wait-and-see approach until a clear trend is defined. Immediate resistance and support levels stand at $0.66 and $0.57 and $0.58.
At press time, XRP is stable and moving horizontally. Meanwhile, prices are up in the last trading week. However, looking at how price action is, these gains don’t mean much for traders accustomed to more volatility. Like other coins, the average trading volume is relatively higher, at over $1 billion.
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In the coming sessions, XRP traders can watch out for the following events:
- Though Judge Torres, in July 2023, said XRP sold to retailers shouldn’t be considered securities, the ongoing case is increasingly becoming complex. Presently, there is a chance that the United States SEC may win against the blockchain company, throwing prices into more turmoil.
- Days after announcing plans to launch a USDT competitor, Ripple plans even more for the coin. Still, it remains to be seen whether they plan to release a marketplace or even partner with an eCommerce platform if a recent tweet by their CTO guides.
XRP Price Analysis
XRP/USD is moving sideways when writing, without generating any momentum.
So far, trading volume is lower, suggesting that traders are keeping off until there is more definition in the short term.
How the coin will pan off in future sessions remains to be seen.
For aggressive traders, a close above $0.62 might ignite demand, confirming buyers of April 4. This may set in motion a leg up to $0.66.
If not, if there is a demand below the $0.57 support level, XRP may shrink even more as we approach the Bitcoin halving event.
