XRP Crashes 14% As Sellers Target $0.30, Ripple-US SEC Case Coming To an End

XRP has turned around, and sellers, looking at the formation in the daily chart, are firmly in control. Even though there were hints of strength following the surge of March 11, the slip of April 12 and 13 invalidated the uptrend. As it is, price action is tilted to favor sellers. From the XRP/USD candlestick formation, every retracement towards the $0.57 resistance line may offer more entries for sellers to unload.

Currently, XRP is up 4% on the previous day but down 15% in the past week of trading. At the same time, the average trading volume in the past day is down roughly 47% to $2.4 billion. The contraction might be in double digits, but volume is notably within range, signaling the presence of sellers and possible unwinding of more long positions following the price dump.

In the coming few trading sessions, traders can watch out for the following XRP and Ripple news events:

• Experts think Ripple—the blockchain company—and the United States SEC might have reached an agreement in the ongoing case. The regulator wants Ripple to pay a $2 billion fine.
• The drop over the weekend saw the coin fall below a multi-month consolidation, swinging XRP bearish. Unless there is a close above $0.74, sellers, some analysts say, might push prices to $0.30.

XRP Price Analysis

XRP/USD is bearish at spot rates.

Changing hands at around $0.51, the coin is within a bearish formation following the dip below $0.57 support.

Since XRP is still within the April 12 and 13 bear bars, every high below $0.57 might offer entries for sellers targeting $0.45 and $0.30 in the short term.

Any recovery above $0.66 and $0.74 will nullify this bearish outlook; positioning the coin for $0.81 and $0.95.