XRP’s momentum is waning as the bullish energy seems to be fading away. A glance at the daily chart reveals a dramatic sell-off on May 6th, evident from the long upper wick, which continued to spill over into May 7th.
The bears have been calling the shots ever since, with yesterday’s trading session being particularly lackluster and devoid of any bullish activity. But don’t count the bulls out just yet – there’s still a glimmer of hope for a comeback as they fiercely defend the $0.50 support level.
As the final trading day and week come to a close, XRP stands strong. However, excitement is building as traders eagerly anticipate a potential breakout above the local resistance level or a drop below support. With the average trading volume hovering around $1 billion, all eyes are on XRP.
The following XRP and Ripple news are worth keeping an eye on:
- Legal battle ensues as the United States SEC stands firm against Ripple’s attempt to reduce fines. The government lawyers argue that the cryptocurrency company must pay the full $2 billion for illegally selling XRP during their unregistered ICO. Failure to do so, they warn, would set a dangerous precedent for future securities violations.
- Ripple makes a bold prediction: the stablecoin market is set to skyrocket, reaching a staggering $3 trillion by 2028. And they’re ready to shake things up with their own stablecoin, backed by the almighty USD. With big players like USDC and USDT in their sights, Ripple is ready to make waves upon its launch.
Exclusive: Philippines to introduce crypto regulations in 2024, says SEC chair
Phishing Fiasco: WBTC Investor Bites the Dust, $71 Million Gone in a Flash
Ripple Alert: 200 Million XRP Set for Selloff in May
XRP Price Analysis
The XRP/USD market is currently in a heated battle, with prices dropping and the uptrend in jeopardy. The bulls are facing a major obstacle at $0.55, and their mission is to break through this resistance and eliminate any lingering sellers from April 13. This will not only prove their strength, but also validate the strong buying pressure seen from April 20 to 22.
While a rise above $0.50 would be a sweet victory, any losses below that mark could dampen hopes of reclaiming $0.60. And if that happens, brace yourself for a plummet to $0.40 – a level not seen since April.