XRP is moving sideways within a bearish formation as per the price action in the daily chart. The coin remains under pressure and the failure of bulls to reject attempts lower could be the building blocks for more losses towards $0.40 in the days ahead. Even so, this could rapidly change if there are triggers propelling the coin above the strong resistance zone of between $0.57 and $0.60. If there are conclusive gains in this area, it could be the beginning of a welcomed turnaround.

Looking at coin trackers, XRP is stable on the last trading day but down 19% in the previous week. At the same time, trading volume is low, at around $1.6 billion, down 26% in the past trading day. For XRP to recover strongly, participation must rapidly expand amid rising prices.

Possible catalysts for bulls will be primarily because of the following XRP and Ripple news:

• As prices consolidate at around $0.50, analysts are looking at the ongoing case pitting Ripple and the United States SEC. The case, which entered the final pretrial conference on April 16, will mark the beginning of the end of the protracted suit that began in late 2020.
• Some analysts now say the decision by Ripple, the blockchain company, to issue a stablecoin could be strategic. One analyst says that issuing stablecoins will make it easier for banks and financial institutions to work with the firm, even adopting some of its solutions, including the On-Demand Liquidity (ODL), which uses XRP.

XRP Price Analysis

XRP/USD is technically bearish.

As long as prices consolidate inside the bearish bar of April 13, sellers have the upper hand from an effort-versus-result perspective.

Every low below $0.57 allows sellers to look for entries, targeting $0.40.

However, the tide could change should there be a sharp spike in price and trading volume, pushing the coin above $0.55.

In that case, XRP could easily glide past $0.60, and even $0.66; a relief for optimists.