XRP Up 12%: Is This the Start Of A Mega Rally To $1 or Better?

XRP is moving sideways but there are hints of strength, looking at trends over the last day. Admittedly, the bars of August 7 and 8 are critical. However, without buyers flowing in, prices will most likely continue consolidating inside a range. The uptrend, even with recent losses, remains, and risk-off traders can choose to load the dips above $0.50 and $0.55. Still, the conservative can wait for clean breaks in either direction before committing.

As XRP moves sideways, the coin remains within a tight range and is mostly stable at press time. Even so, it is up 12% in the previous week, though trading volume remains discouragingly low at about $1.3 billion. Until there are sharp gains, preferably above $0.66, participation might continue to be dismal.

Traders are watching the following trending Ripple and XRP news:

• Even with the recent gains, XRP remains within a multi-year trade range. Analysts now expect a breakout in either direction. Considering gains in the past few weeks, a close above the resistance trend line could lift the coin to fresh highs.
• The regulatory clarity following the end of the Ripple-SEC case means XRP would likely find massive adoption among payment processors. Ripple plans to be a leading digital asset infrastructure provider, and ODL remains one of its core solutions.

XRP Price Analysis

XRP/USD is bullish, looking at the daily chart.

There are hints of strength that need to be confirmed only when XRP rallies above July highs.

Still, since the uptrend is defined, every low within the August 7 and 8 may offer entries for buyers targeting 2024 highs.

The primary support zone is between $0.50 and $0.55.

Losses below this region cancel the preview, permitting sellers to push lower towards July 2024 lows of $0.40.

If buyers take over, XRP might surge strongly to as high as $1.