XRP Bullish But Choppy, RippleX Developers Release Key XRPL Update
XRP is moving within a tight range at spot rates, though prices are firm despite slipping in the early trading sessions of April 10. When writing, prices are choppy in lower time frames. The long upper wick on April 9, pointing to intense selling pressure, has been neutralized by the long lower wick of April 10, suggesting buying pressure. Even so, gains of April 4 and 10 define the short-term formation, placing bulls on top.
Already, XRP is stable in the past trading day but up 8% in the last week. It remains at sixth, ahead of USDC and Cardano but trading volume is down 38% in the previous 24 hours. The contraction in activity only saw $1.5 billion worth of the coin traded.
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In the coming hours, these Ripple and XRP news events might impact prices:
- RippleX, the development wing of Ripple, is urging XRP Ledger (XRPL) validators to upgrade their nodes to version 2.1.1. By upgrading, node operators will be helping fix the current bug facing XRPL’s automated market maker (AMM).
- Pro-XRP lawyer John Deaton is adamant that decentralized networks should remain as they are. They retain multiple advantages over centralized systems, meaning no one can control them. Deaton was responding to Senator Elizabeth Warren’s allegations when she appeared before a Senate Banking Committee.
XRP Price Analysis
XRP/USD is within a bullish formation but choppy.
Even with the uptrend defined at spot rates, the path of least resistance can swing in either direction.
The short to medium-term bias remains bullish above the $0.57 to $0.60 support zone.
In the short term, a close above $0.61 and $0.66 will cement this bullish outlook. In that case, traders can buy the dips, targeting $0.74.
Any dump below $0.57 with rising volumes will cancel this bullish outlook.
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