XRP stands strong, tightly bound in a narrow range after a day of quiet on May 7. Surprisingly, it remains within the boundaries set on May 6, sending a bullish message to traders. With XRP hovering above $0.52, daring traders anticipate a potential surge today. But the real game-changer would be a breakthrough above $0.55, erasing any recent dips and solidifying the bulls’ dominance. This could pave the way for a climb towards $0.60 in the coming weeks.
Despite a surge of optimistic investors, XRP has taken a 3% dip in the last 24 hours. However, it’s not all bad news – the cryptocurrency has still managed to climb 6% in the previous week. The recent disappointment in immediate profits has left a mark on traders’ attitudes, leading to a tight trading range. The average trading volume has dropped by a whopping 37%, hovering just above $1.1 billion.
In the meantime, traders are keeping an eye on the following Ripple and XRP news:
- The highly-anticipated, redacted version of the United States SEC’s remedies brief will finally be released today. This crucial document sheds light on the regulator’s reasoning behind their demand for Ripple to pay a staggering $2 billion fine.
- Ripple’s CEO, Brad Garlinghouse, boldly stands his ground and declares XRP and ETH as not securities, despite the regulator’s misguided claims. In a fiery fireside chat, Garlinghouse slams the SEC’s stance as ‘grossly wrong’ and promises that the ongoing three-year legal battle will finally bring clarity to the controversial status of XRP.
XRP Price Analysis
As the XRP/USD pair continues to form a bullish pattern, all eyes are on the upcoming days and how bulls will react. With solid trading volumes seen since its rise from $0.50, the bulls are in a promising position. Upon analyzing the candlestick arrangement, it appears that bulls are preparing to pounce on dips above $0.50, with a target set at $0.60.
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But for those seeking a more definitive entry point, keep an eye out for a breakout above $0.50, which would reverse the losses suffered on April 13. And if the bulls maintain their momentum, we could see the coin soar to a staggering $0.74.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.