XRP Bulls Upbeat: Will Prices Explode Above $1 In Less Than A Week?

XRP is down the market cap rankings, and so are prices. Although the downtrend momentum has slowed, the path of least resistance remains southwards for now. Price action around the psychological round number, $0.50, will remain key. While some traders expect volatility in the coming days, as long as XRP is inside the April 13 bear bar, sellers have the upper hand. Accordingly, even with rising confidence, the coin will likely crash to $0.40 rather than unexpectedly rally toward $0.58—or higher.

Thus far, XRP remains stable in the past trading day, and down 20% in the previous week. Traders are generally bearish but this overview will change if prices rise with expanding trading volume. Over the past day, the average trading volume fell to $1.8 billion, up by 7%. 

Traders are also watching the following XRP and Ripple news:

• Ripple’s partner, Tranglo, one of the multiple adopters of the on-demand liquidity (ODL), has processed over $46 million worth of transactions. As more financial institutions adopt, the more bullish it is for the coin.
• The Ripple versus United States SEC’s grand trial will be on April 23. Then, it will be decided whether the blockchain company will pay the rumored fine or not. Most importantly, clarity will be given on the status of XRP.

XRP Price Analysis

XRP/USD is within a bear breakout formation following losses of April 13.

While prices hover around the $0.50 level, bears are in control. Every high below $0.55 technically offers entries for sellers targeting $0.40.

For this preview to change, prices must soar above $0.55 and ideally the strong liquidation zone of $0.57 and $0.58.

If there is positive news on April 23, XRP could surge to as high as $1.