XRP Drops 8%: Will The Bitcoin Dump Force Prices To $0.40?

XRP is extending losses, as visible in the daily chart. This is despite April 29 turning green as bulls attempted to plug the bleed. Even with their effort, sellers are still dominant, pressing lower as they have in the past ten days or so. Prices remain within the $0.50 zone, reversing from over $0.55 recorded on April 22. Bulls must soak up selling pressure as we advance, keeping prices above $0.50, a psychological price level.

Thus far, XRP is in red, slipping 1% in the past day and 8% in the previous trading week. As it is, prices remain in consolidation. However, bears are back in control. Since there was no confirmation of the April 22 bull bar, prices are still within the shadows of April 12 and 13 bear candlesticks. So far, trading volume in the last day is above $1 billion, up 14%. 

Traders are closely monitoring the following XRP and Ripple news events:

• Ripple has partnered with Hash Key and SBI Group to expand their XRPL-powered solutions. In an announcement, their immediate goal will be to roll out their solutions to enhance supply chain finance in Japan.
• All eyes are on Anarlisa Torres. After the landmark ruling in July 2023, the crypto community is monitoring events closely, checking whether the judge will accept the $10 million fine Ripple proposes to pay.

XRP/USD, like most crypto assets, is slipping.

So far, the coin is back to the all-important level, $0.50.

For the uptrend to continue, prices must break above $0.55 and April 22 highs.

Since sellers are unyielding, XRP could drop below this line, effectively reversing all gains from April 20 to 22.

If that’s the case, the coin will likely retest April 2024 lows of $0.41.