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DailyBubble News

Ripple XRP To Fall Below $0.50? Indicators To Watch Next Week

Ripple XRP has been trading in the red this week, hovering around the $0.50 mark despite increased popularity on social media. The asset has yet to break out of bearish holds, but holders remain optimistic that it will turn bullish soon.

The US Securities and Exchange Commission (SEC) recently stated that Ripple Lab’s new stablecoin qualifies as an “unregistered crypto asset.” Following this news, XRP didn’t see much movement in price, but investors began to accumulate, leading to an increase in trading volume towards the end of the week. Currently, XRP is up 4% in the last 24 hours.

There are concerns that XRP may continue its bearish trend, with indicators showing a potential further price dip. The token’s Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both suggest a possible upcoming slump, with the price potentially falling to support levels of around $0.50 or even lower to $0.46.

Additionally, XRP’s Network Growth has declined in the last 30 days, with fewer addresses created to transfer the token in April compared to March. This trend is contradictory to the increasing popularity of XRP and its ongoing SEC case.

Ripple’s XRP is currently on fragile ground and may face further downward movement. A positive outcome in their case against the SEC or in the SEC vs. Binance case could help shift the asset back in a positive direction, but such results may take time. For now, it seems that bears may continue to exert pressure on the token for the near future.

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