XRP Stalls in a $0.05 Zone Amid Phishing Scam Warning and Ripple Expansion

XRP is moving higher but lower at press time. After yesterday’s choppy price action, it is evident that prices are all over. In the short term, buyers stand a chance. However, the lack of conviction and prices swinging inside the $0.05 zone mean traders can wait on the sidelines for clear trend definition. As it is, Ripple is inside a rising wedge, though sellers are dominant from a top-down preview.

At press time, Ripple bulls are upbeat, but the coin continues to move in a tight range. In the past day and week, XRP is stable. At the same time, the average trading volume is flat, standing above $1.1 billion. Despite the general confidence, there must be a sharp breakout in either direction to spark participation. If not, wavy prices inside the $0.05 will continue to impact sentiment.

The following XRP and Ripple news events will influence price action:

• As Ripple seeks to establish its presence in Southeast Asia, it is now emerging that up to 805 banks in Japan can tap into XRP. In April, the blockchain company partnered with HashKey DX, introducing blockchain solutions running on the XRPL.
• Meanwhile, David Schwartz warns the XRP army to stay vigilant against phishing scams. Often, fraudsters target influencers like the CTO to steal from unsuspecting followers.

XRP Price Analysis

XRP/USD is wavy but bearish, looking at the formation in the daily chart.

As long as prices remain inside the $0.50 and $0.55 range, sellers have the upper hand.

Aggressive traders might look to short on any attempt higher but below $0.55. Their immediate targets will be $0.50 and $0.46.

Any uptick above $0.55, buoyed by expanding volume, could trigger a total reversal of April 13 losses and $0.66.