XRP is still at seventh with prices weaving at the $0.50 level. Despite the general confidence among traders, sellers might pull a massive surprise in the coming weeks. The coin has failed to reverse recent losses and is trading below $0.55. Ideally, there should be a solid close above this level and May 6 highs for bulls to stand a chance.
The consolidation of XRP prices is evident in the coin’s performance in the past trading day and week. XRP was flat in the previous 24 hours. Meanwhile, it is down roughly 6% in the last week. However, the average trading volume remains below $1 billion, signaling apprehensive traders and investors. Based on past events, this can only change once there is a spike in prices, especially above $0.55.
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Possible triggers to support bulls can be from the following XRP and Ripple news:
- Responding to rumors that the United States government is investigating USDT, Paulo Ardoino has shot back at Brad Garlinghouse–the CEO of Ripple, the source of the unconfirmed rumor, that Ripple’s plan of issuing a stablecoin is being investigated. Ardoino said Tether respects the OFAC / SDN lists.
- Georgia Bank, a partner of Ripple, is now part of the Digital Euro Association. The association is a respected think tank specializing in stablecoins and central bank digital currencies.
XRP Price Analysis
XRP/USD is down 30% from March 2024 peaks.
At the current formation, XRP is within a bearish breakout formation, defined by losses in mid-April.
As it is, the coin is also inside a descending wedge, printing out a bear flag.
If prices fail to close above $0.55 and unwind losses from April 13, sellers are in control. Accordingly, every high might be an entry for traders to short, targeting April lows.
However, once prices drop below the bear flag and $0.46, there may be clearer opportunities. Risk-on traders could explore this formation by waiting for clear signals before aiming for $0.40.
Any surprise surge above $0.55, backed by swelling volumes, will cancel this outlook, building a case for the resumption of the Q1 2024 uptrend.
