XRP is within a broad consolidation, technically moving sideways inside a wedge. Unlike ETH and BTC, bulls are firmer, keeping prices above $0.50—a huge boost. Even though there has been a conclusive close above the wedge, the rejection of lower lows might be the foundation of more gains over the weekend. Traders are closely monitoring the reaction between $0.55 and $0.60 on the upper end and $0.48 and $0.46 as support.
Looking at the XRP performance, the coin is mostly stable as prices weave around $0.50. As aforementioned, for the uptrend to be defined, there must be a conclusive break higher. When this happens, trading volume will spike. So far, it is steady, encouragingly standing above $1.1 billion.
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For now, the following XRP and Ripple news are worth monitoring:
- The United States SEC, Ripple—the blockchain firm–and interested third parties must file briefs countering the omnibus letter motions filed earlier this week by May 20. Meanwhile, the court will be deliberating whether to issue an injunction against Ripple and the appropriate penalty they should pay for violating securities laws.
- The latest news from Turkey shows that they have implemented new crypto regulations per an announcement from the Turkish Grand National Assembly. Observers note that some of the 19 articles proposed were primarily meant to remove the country from the FATF grey list by June.
XRP Price Analysis
XRP/USD is steady at spot rates, green from this month’s low.
Still, the failure of bulls to conclusively break $0.55 and $0.66 should be a concern.
Risk-on traders can wait for a clean break above $0.60 and reversal of April 13 losses before considering long opportunities.
On the flip side, the rejection of selling pressure and prices staying above $0.50 means bulls have a chance.
For this reason, aggressive traders might look for longs if prices are above $0.48.
Even so, this outlook will be firmer if there is a high volume break above $0.55 and May 2024 highs.
