XRP is falling, as is the trend across the board. Looking at the daily chart, the seventh most valuable coin found strong rejection from the middle BB
XRP is falling, as is the trend across the board. Looking at the daily chart, the seventh most valuable coin found strong rejection from the middle BB. This dump means all gains from April 20 to 22 have been wiped out. As XRP weakens, it only cements the overall preview that sellers are in charge. This outlook aligns with the losses of April 12 and 13, acknowledging the presence of determined bears at the $0.55 and $0.60 zone.
The sell-off means XRP is down 25% from April highs at spot rates. However, prices fell 35% to the lowest point in April when it touched $0.41. So far, XRP is down 11% in the previous trading week.
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Amid the broader crypto meltdown, XRP and Ripple traders should watch the following news:
- USDT dominance is waning. Now, analysts say the planned release of the Ripple stablecoin is timely. This entry would be a big sentiment boost, giving XRP more exposure. In turn, this might support prices in the months ahead.
- Reportedly, Ripple and the United States SEC agreed to expedite the lawsuit on Friday. Then, the public will get to known whether XRP is a security or a commodity like Bitcoin.
XRP Price Analysis
XRP/USD is down 37% from March 2024 highs.
Of note, prices are still waving inside the April 13 bear bar. This formation swings price action in favor of bears from a top-down preview.
Since prices fell on April 30, every attempt towards $0.52 might offer entries for sellers to double down, targeting $0.40 in the short term.
The sell-off will accelerate if there is a conclusive drop below $0.46, a local support level.
However, if an unexpected rally pushes the coin above $0.55, this bearish forecast will be invalid.
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