XRP price falls amidst SEC delays, liquidity below $0.62 looks unsafe

XRP price is still macro bullish on the 3-day chart.
XRP price has tapering sellers' volume.
Invalidation of the bullish scenario is now a break below $0.5489.

XRP price could see liquidity grabs as the SEC delays the controversial securities hearing again. Liquidity under $0.62 has been deemed unsafe eye candy for long-term investors.

Also read: SOS Stock Price: Sos Ltd snaps losing streak despite hitting a new 52-week low price

XRP could dish out more discounts

=XRP price still looks macro bullish despite the current market decline. However, traders should consider wisely approaching the digital remittance token as games, fake-outs, and sideways price action are likely to occur at the current levels.

XRP price has invalidated the idea of the ending diagonal to kick start the widely anticipated bull run. Ripple price currently trades at $0.67, retesting the trend line below the 10% rally candle seen on April 13-15. Now that the impulse wave is invalid, long-term investors could consider XRP discounts around the $0.62 level.

XRP/USDT 3-Day Chart

XRP price is still bullish based on the sellers' volume tapering off as price trades halfway through a parallel channel at $0.67. A dollar-cost average approach could be a favored entry strategy for XRP optimists. Invalidation must be the swing low st $0.5489

If the bears breach $0.5489, expect all hell to break loose. The XRP price could see a market capitulation to $0.40, resulting in a 40% drop from the current Ripple price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.