Ripple Ranges Inside a Bear Flag, XRP Finds Support at $0.37

Ripple Ranges Inside a Bear Flag, XRP Finds Support at $0.37
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Ripple, like most cryptocurrencies, is steady at spot rates, moving inside a tight range in a broader bear flag.

Even though there are attempts to push prices above an immediate resistance level, defined by the middle BB, sellers are still in a commanding bullish. From a top-down preview, XRP is within a bear breakout formation pattern, and sellers have been adamant, forcing liquation at the critical resistance level.

From the XRP candlestick arrangement, prices must edge above $0.45 and last week’s highs if the uptrend is to be initiated and prices bottom up. If not, the odds of XRP bears flowing back and forcing the coin lower would be high.

Ripple is Building, Plans for an IPO after Settlement with the SEC

Nonetheless, the ongoing court case against the SEC appears to be tilting in Ripple’s favor reading recent developments.

Ripple lawyers insist that XRP is a utility token, like BTC, and have been providing compelling evidence to advance their case. They argue that XRP is a core agent in enabling an efficient, low-fee remittance network. Their internet of value provides an alternative platform for banks to seamlessly move funds between themselves and clients in real-time.

Ripple has also been building products to complement its value offerings, explaining the rise of On-Demand Liquidity (ODL) total trading volumes to $8 billion from $1 billion in Q1 2022. Once they settle with the SEC, Ripple Inc., the independent company led by Bradley Garlinghouse, plans to proceed with its IPO.

Ripple Price Analysis

xrp price analysis

XRP prices are inside a bear flag with clear reaction points at $0.45 to the upside and $0.37 as the primary support. Even though bulls are hopeful, the primary trend is bearish at spot rates. Currently, the path of least resistance would be determined by the reaction of prices either at $.45 or $0.37.

Considering the deep losses from September 2021, which forced XRP down by 72 percent from peaks, the odds of a recovery above $0.45 remain high. All the same, risk-averse traders can wait for clean breaks above $0.50 and May 11 highs before committing. Accompanying the leg up should be relatively high trading volumes to indicate participation from buyers.

Conversely, more profound losses below $0.37 may see XRP slump to $0.33 in a bear trend continuation pattern.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

If you found this article interesting, here you can find more Ripple news


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