The XRP news to start this week is bleak. We have never seen the XRPL Volume this low in months. It’s ded; pack it up
XRP’s latest uptick, up 2.18% to $2.18, feels more like a dead cat bounce than a turnaround. After tanking to $2.08 last week, the token managed to claw back a few cents by Monday. Whether it holds is anyone’s guess.
However, while the price action appears promising, underlying market indicators paint a mixed picture. Here’s what you should know:
XRP News Trading Volume Plummets, Raising Questions
XRP volume is drying up fast, down nearly 49% since last week while resistance between $2.50 and $2.60 hasn’t even been scratched.
For traders betting on the next leg higher, the real Hail Mary might be a Ripple spot ETF approval, not organic retail demand.
XRP’s chart is starting to look like a minefield. The token is trapped below its 50-day and 200-day moving averages, $2.26 and $2.34, while volume remains too soft to power through.
A symmetrical triangle is taking shape, but without stronger participation, it’s more stalemate than setup. The kicker is a death cross just printed on the daily, with the 23-day slicing below the 50-day—a classic red flag for downside risk.
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Key Drivers Ahead
XRP’s outlook is riding high on two headlines that may—or may not—hold up under closer scrutiny.
Ripple got the green light from Dubai for its RLUSD stablecoin, and Webus International just bet $300 million on XRP as a corporate treasury asset.
However, all eyes are on June 17, when a decision on Franklin Templeton’s proposed spot XRP ETF is expected. Approval could attract substantial institutional inflows, bolstering liquidity.
Proceed With Caution
While XRP has shown resilience, short-term traders are under pressure to strike the right balance. The current symmetrical triangle formation and death cross should be noted.
A decisive break above $2.27 with strong volume could pave the way for a move toward $2.50-$2.60. Conversely, if resistance proves too robust, XRP may risk another pullback.
For now, the market appears to be waiting for a trigger. Calm before the storm.
We’re more excited to see what happens after 200 days of consolidation and the final blow-off top for the bull run. We can dream, can’t we?
EXPLORE: XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress
Key Takeaways
- The XRP news to start this week is bleak. We have never seen the XRPL Volume this low in months.
- Dollar bulls are stuck. Bitcoin isn’t exactly flying either, but it’s holding firm.
The post Volumes Tumble Amid XRP News: Will Deathcross Kill XRP Price? appeared first on 99Bitcoins.
