• Ripple [XRP] price action eased near the former mid-range level after a strong rally last week.
• XRP rallied over 10% between Tuesday (16 May) and Friday (19 May).
• The Ripple team unveiled plans to be a go-to-platform for CBDC development for countries, governments, and financial institutions.

Analysis of XRP Price Rally

Ripple [XRP] price action eased near the former mid-range level after a strong rally last week. Between Tuesday (16 May) and Friday (19 May), XRP rallied over 10%, which was closely followed by Litecoin [LTC] at 7%. Bitcoin [BTC], however, was stuck in the $26k price zone as of press time and could constrain strong upside movement, even for XRP.

Ripple’s Plans for Developing CBDCs

Despite the ongoing legal proceedings, the Ripple team unveiled plans to be a go-to-platform for CBDC development for countries, governments, and financial institutions. Could this fuel further bullish momentum?

Technical Analysis

As per the price range tool on TradingView, the strong rally from 16 May saw XRP rally over 10% by 19 May. Initially, it faced rejection at the former mid-range level of $0.4604 but bulls later smashed it on 18 May. After that, the price has been swinging on either side of the mid-range with an FVG (fair value gap) zone of $0.451 – $0.459 indicated (white). So far, it has reacted positively to this FVG and could be a demand zone; however bulls may be slowed near recent highs at $0.4757 if BTC fluctuations below $27k persist. If BTC reclaims $27k decisively then a retest of the former range high of $0.487 could occur; conversely a session close below both FVG zone and $0