XRP is still under pressure but surprisingly moving horizontally, looking at the candlestick arrangements in the daily chart. Overall, buyers are confident, citing fundamental factors. However, technical formation is bearish for the seventh most valuable coin. Even though there could be an urge among traders to load on dips before the court rules on the ongoing case, there could be more opportunities in the coming days or weeks. Specifically, the reaction at $0.55 or $0.46 will be crucial in trend definition.
XRP is evidently weak and in red after the spike in Q1 2024. At press time, it is down 35% from March highs and within a bear breakout formation. Over the last day and week, the coin is down roughly 3%. Additionally, trading volume remains suppressed, posting less than $500 million.
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The following XRP and Ripple news are worth watching:
- Eyes are on the ongoing Ripple versus United States SEC court case. The resulting regulatory uncertainty appears to be slowing down momentum, keeping the coin below $0.50. There are reports that the regulator is planning to appeal the ruling.
- Ripple is allegedly flooding the market with XRP. On June 20, the blockchain company offloaded 250 million XRP worth over $122 million at spot rates. It comes less than three weeks after they unlocked 1 billion XRP from their initial distribution.
XRP Price Analysis
XRP/USD is down 35% from 2024 highs, shedding another 2% in the past 24 hours.
Although confidence is high, sellers have the upper hand.
Aligning with the April 13 bear bars, aggressive traders may choose to sell on every high below the upper rim of this consolidation at $0.55. The immediate target in that case would be $0.46. If sellers have their way, XRP might drop to $0.40 in a bear trend continuation pattern.
Conversely, conservative but bullish traders might need to wait for longer. The zone at $0.55 is proving to be a resilient liquidation level. If decisively broken, with high volumes, XRP might float to $0.66 as bulls begin to take charge.