Positive news for the crypto market could provide a boon for XRP prices.
For the second week now, XRP, the native cryptocurrency for the Ripple network, has continued to trade flatly, mirroring the general calm exhibited by most cryptocurrencies as May starts.
While the XRP performed exceptionally well in March, surging by roughly 60%, April was particularly rocky, seeing the XRP plunge by over 20%. Currently, the price is torn between dropping lower or pushing higher, as evidenced by the tight squeeze it has been thrown into.
According to pseudonymous crypto analyst “XRP CAPTAIN,” XRP could see a further leg down to $0.40. Today, the pundit shared a “bearish flag” pattern visible on XRP’s daily chart. According to him, the price seems to be signaling a further drop after a brief calm following the three-day price dump from $0.53 to $0.44 in Mid-April.
#XRP No Fud. Just Saying 0.40$ If This Happens. #XRPCommunity pic.twitter.com/HZJaVeQZDT
— XRP CAPTAIN (@UniverseTwenty) May 1, 2023
Tara, another crypto enthusiast, noted that “XRP is at the mercy of Bitcoin” currently. According to her, it would be necessary for XRP’s volume to break resistance at around $0.478 for the price to give a clear direction signal.
She further said, “I think it should just range sideways until we get the green light from BTC,” wrote TARA.
#XRP is at the mercy of #BTC right now and waiting for volume to break that resistance at $.478. The market has been soo slow.. definitely not time to enter into a trade. I think it should just range sideways until we get the green light from #BTC #Ripple pic.twitter.com/Vn4kfVkPo5
— TARA (@PrecisionTrade3) May 1, 2023
Sara’s analysis also seems to echo that of Harry, another analyst who highlighted resistance at $0.4707. Going by a tweet by the pundit today, XRP’s price seems to form a symmetrical triangle. This pattern usually suggests that the market is experiencing a period of indecision and that a breakout in either direction is imminent.
$XRP – A shorter count here as an idea for anyone trading. Keep an eye to the price action coming back through month open, marked up at $0.4707. Send it 🔥x pic.twitter.com/8sgHKuyflC
— Harry (@HaraldoXRP) May 1, 2023
However, in an April 30 post, Harry noted that “positive events for XRP or crypto broadly could send price vertical,” considering the pattern at hand is a “bullish continuation pattern.”
All The Way To $1
From the short-term view, XRP seems to be facing minor resistance at $0.4655, with the price bouncing off that area as seen in the hourly timeframe.
But it is also worth noting that XRP investors and traders globally highly anticipate the outcome of the Ripple vs. SEC lawsuit. If the outcome is positive for Ripple, it could surge XRP prices, possibly above $1.
As reported by The Crypto Basic Attorney Deaton Said the Ruling in SEC v. Ripple Case might come before May 6. In such a case, if the ruling comes in Ripple’s favor on or before May 6, XRP could boost in price as XRP will become the only crypto Asset with regularity clarity in the USA. Also, top US exchanges like Coinbase will rush to relist XRP, further boosting the altcoin price.
At the time of writing, XRP was trading at XRP is trading at $0.46, down 0.33% in the past 24 hours.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.