XRP Is Struggling: Will Bears Below This Key Support Zone?

On Apr 6, 2024

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XRP hasn’t been spared in the current crypto rout. At the time of writing, the coin is not only drifting lower but has also lost its spot to USDC. This flipping shows that the stablecoin’s prominence is rising, and XRP’s utility could, after all, be dropping. The coin has resistance at $0.66, but price action has been concentrated around the primary support at around $0.57 and $0.59.

At spot rates, the coin is changing hands at around $0.58, down 3% from the previous day and 7% from the last trading week. Sellers are technically in control, mirroring the general performance across the crypto scene. Unless there is a sharp close above $0.66, sellers have the upper hand, and the coin might dump in the sessions ahead.

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In the past 24 hours, the following XRP and Ripple news events have been dominating headlines:

Ripple and the United States SEC are in the remedies phase, and the end could be near. Before then, the regulator is seeking $2 billion in fines and disgorgement. If the court approves this, XRP might take a beating, slipping even lower.
In the ongoing lawsuit, the United States Sec claims Ripple offered enormous discounts for certain XRP investors during their ICO. The regulator claims this created an uneven playing field, as certain participants were favored.

XRP Price Analysis

XRP/USD is moving sideways at press time.

However, sellers are in control.

Overall, XRP bulls have failed to confirm the gains of March 11, swinging price action in favor of sellers.

A break below the current support at around $0.57 and $0.59 will validate the current bearish preview.

Risk-averse traders can wait on the sidelines for a clear trend definition.

If the break out is below $0.57, confirming the bear bars of April 1 and 2, with rising volumes, XRP will likely dump faster to $0.50.

Any upswing above $0.66 and the current consolidation cancels out this preview, confirming buyers of March 11.

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This article was originally published by a www.fxleaders.com . Read the Original article here. .