XRP Bleeding, Trading Below $0.50: Will This California Win Boost Demand?
XRP is bleeding, but unlike Bitcoin and Ethereum, losses were largely contained. Even so, the path of least resistance remains, and this wonβt change until there is a total reversal of April 13 losses. This effectively means despite hopes, XRP is within a bearish breakout formation, and bulls are struggling for momentum looking at performance in the daily chart. In the short term, traders should look to align with the dominant trend by selling on every attempt higher.
This preview shows in the performance over the last day and week. To put in the number, XRP is down 1% in 24 hours, pushing weekly losses to over 5%. Markedly, the average trading volume is also picking up momentum, expanding to over $1.1 billion at press time. Until there is a decisive break in either direction, conservative traders should keep away from the current consolidation.
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The following XRP and Ripple news could influence price action in the short term:
- XRP holders are closely monitoring how the court will rule on the penalty that Ripple, the blockchain company, should pay. An injunction would greatly hamper plans for the company to expand in the United States.
- Amid legal woes, there was a reprieve in California. There, Ripple won against allegations that they breached United States securities laws. Still, they need to go to trial, and if they win, it would be a major boost for XRP.
XRP Price Analysis
XRP/USD is deep in red, looking at the formation in the daily chart.
Technically, sellers are in the driving seat.
As Ripple navigates the regulatory world, every high may offer entries for sellers to short, targeting $0.46.
Any breakout below this support level opens up the coin to $0.40.
On the upper end, any upswing above $0.55 would be refreshing, preferably if it is with a sharp uptick in trading volume.
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