XRP Resilient: Donald Trump Backed By Ripple Executive, Will Bulls Break $0.62?

XRP is, for the lack of a better word, all over the place, though buyers have the upper hand. The failure of buyers to break higher, closing above $0.62, may offer entries for traders who want to enter at around current prices. Overall, there is room for growth since the bullish breakout formation of July 12 and 13 remains. Though technical candlestick formations count, Ripple is mainly driven by fundamental factors.

As XRP bulls tussle to flip USDC to sixth, they are resilient. A look at the daily chart shows that the coin is up a decent 50% from July lows. The momentum might have slowed in the past day, down 1%, but up 10% in the previous week. Overall, there is engagement, looking at the expansion of trading volume to $1.9 billion.

Traders are looking at the following Ripple and XRP news:

• Reports show that the pro-crypto presidential candidate Donald Trump has received over $4 million in donations. Donors include the Ripple chief legal officer Stuart Alderoty who contributed $300,000 in XRP.
• One of Ripple’s key partners in Southeast Asia, SBI, has partnered with Franklin Templeton, one of the issuers of spot Ethereum ETFs. The collaboration will allow the two firms to form a joint venture focused on crypto.  SBI will be the majority holder.

XRP Price Analysis

XRP/USD is in an uptrend, trending within a bullish breakout formation.

The local resistance will be $0.62.

On the lower end, XRP has support at $0.55.

Since the coin is within a bull flag and buyers have the upper hand, traders might consider buying dips above $0.55 and targeting $0.62.

On the other hand, a firm close above $0.62, supported by rising volume, might push the coin to $0.66 in a buy trend continuation formation.