XRP Impressive As $0.50 Holds: Will Prices Rip Higher From May 6?

3 May 2024

in XRP

Reading Time: 5 mins read

XRP is firm at press time, impressively reversing losses of late April and readying for an upswing. This preview is going by the arrangement in the daily chart. Unless there is an unexpected dump pressing prices lower and peeling back gains of the past two days, XRP bulls have a chance. Currently, there is clear support at around April 2024 lows. As it is, support is emerging between $0.47 and $0.50.

XRP is relatively stable. When writing, however, participation is low. Yesterday, over $1 billion in average trading volume was registered, a nearly 35% contraction. This will rapidly change if XRP bulls follow through today, ideally closing above $0.51 and even $0.55.

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As XRP prices oscillate, shifting from bearish to bullish, traders should watch the following news:

XRP Ledger (XRPL) developers propose a lending system that won’t rely on smart contracts. For this to work, developers plan to create a mechanism to power a fixed-term solution where loans from a collective fund will generate interest for lenders. The proposal is in the early stage but overly vital for the ledger.
The United States SEC lawyers must file its reply brief in the ongoing case by May 6. This is the last deadline, and probably their last submission before the presiding judge determines the penalty Ripple should pay.

XRP Price Analysis

XRP/USD has failed to breach $0.52 for five consecutive days, looking at the price action in the daily chart.

Even so, the breach of the 20-day moving average on May 2 is welcomed.

With the double bar bullish reversal pattern forming and selling momentum waning, XRP has a solid footing to recover.

As the XRP candlestick arrangement shows, sellers still have the upper hand. Price action is still within the April 13 bar. From volume analysis, this is bearish.

A close above $0.55 will invalidate this outlook, setting in motion a welcomed leg up to $0.60.

Any drop below $0.47 support confirms the presence of sellers. In that case, XRP could drop to April 2024 lows.

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