XRP is within a tight and boring range, looking at events in the daily chart. Even though there are flashes of green, how the coin performs largely depends on Bitcoin and crypto sentiment. This position is not forgetting the bearing the ongoing Ripple versus United States SEC court case has on price. Provided prices trend above $0.46, buyers have a chance in a predominantly bearish market. Before there is a complete shift in trend, bulls need to break above $0.52 and $0.55.
Looking at events in the daily chart, it is understandable why daily and weekly performance is nearly static. The coin has been stable in the past day and week. At the same time, the average trading volume is also far lower than expected, shrinking below $600 million.
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The following XRP and Ripple news should be closely monitored:
- The United States SEC will reportedly appeal the ruling the judge makes. However, some analysts think the recent decision to squash the lawsuit pressed by the regulator against Binance has been interpreted positively.
- Whales have reportedly accumulated over 100 million XRP over the last 72 hours. This mass buying could explain why prices are static and bears unable to push prices even lower.
XRP Price Analysis
XRP/USD is stable, moving horizontally at press time.
Even though the coin is within a bearish formation following losses in mid-April, it remains within a bullish formation.
Currently, XRP is within a bull flag, evident in the monthly chart, and bullish.
Even so, traders must close above $0.55 for a chance to load on dips, targeting $1 and all-time highs.
If not, losses below $0.46 could dash this preview, paving the way for losses toward $0.40 in the short term.
Considering the multi-week consolidation, conservative traders might choose to wait for a clean break in either direction before committing.
