XRP Turns Green, Ripple Trading Volume Shoots By 235%
XRP prices spiked yesterday. Though the upside momentum waned as the day closed with a long upper wick, the break higher was crucial. Therefore, even as bulls expect the uptrend to continue today, whether prices will crack above $0.55 and stay above this line is important. Following the surge on May 6, bulls appear to be in control as XRP outperforms Bitcoin and Ethereum.
At press time, XRP is firm on the last day and 4% in the previous week. The overall momentum is bullish despite losses over the past several weeks. Should bulls press on, trading volume will swell, feeding the uptrend. Currently, the average trading volume over the past day stands at over $1.8 billion, up over 235%.
The following XRP and Ripple news will influence price action going forward:
- Reports show that the case pitting the United States SEC and Ripple—the blockchain company—is close to coming to an end. Ripple, which uses XRP in its ODL solution, rejected the $2 billion fine proposed by the regulator and instead suggested paying $10 million. Analysts now say Ripple will end up paying around $100 million on top of legal fees as a settlement when the case concludes by the end of the year.
- As DeFi matures and sentiment improves, the XRP Ledger is also gaining momentum. The latest on-chain data shows holders have locked over 4.3 million XRP to various AMM liquidity pools. The upsurge is a massive vote of confidence for the network, showing holders are ready to engage and support native protocol deployment.
XRP Price Analysis
XRP/USD is in green when writing, breaking above the recent consolidation.
Since the coin is trading above $0.52 and likely to breach $0.55, traders should look to align with the emerging trend.
As it is, every low above $0.50 might offer entries for bulls targeting $0.60 in the short term.
Further gains above April 22 could anchor optimistic bulls’ projections for $0.74 or better.
However, if there is a turnaround and the zone between $0.46 and $0.50 is broken, XRP could slip below April lows of $0.40.
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