XRP Bulls Destroyed: Ripple Traders Angling For $0.40

XRP is dumping, looking at the performance in the daily chart. As crypto prices trend lower, the impact on the seventh most valuable coin is evident. While the ongoing court case is a huge factor to consider, the short-term formation favors sellers. With this in mind, smart traders might choose to align with the dominant bearish trend, at least for now.

As crypto crashes, shaking out speculators, XRP has not been spared. Currently, the coin is down 5% on the last day but relatively stable over the previous week. What’s clear in the daily chart is that participation is rising. Over the past 24 hours, the average trading volume rose to over $1.5 billion. At the same time, the July 3 bar was wide-ranging, instantaneously wiping out gains posted throughout this week.

The following XRP and Ripple news are worth watching:

• Looking at the performance of XRP, the coin appears to have been accumulating for roughly seven years since peaking at over $3 in late 2017 and early 2018. Since then, prices have been trading lower but within a broad, wide-ranging flag. Analysts now expect a breakout anytime that could mean the end of this consolidation.
• For the first time in Sweden, an XRP ETP has been launched, a massive endorsement for the altcoin. The product is issued by Virtune, a digital asset manager, and is available for trading on Nasdaq Stockholm.

XRP Price Analysis

XRP/USD, following Bitcoin and Ethereum, crashed on July 3.

The drop erased all gains posted from Saturday last week, forcing price action back to red.

Aggressive traders can consider selling, aligning with the bear bar of July 3.

The immediate target would be $0.40. Further losses below this level might catalyze the sell-off, forcing the coin toward $0.36.

This outlook (though unlikely) will change should XRP prices close firmly above $0.52 and $0.55.