XRP Rejects Bears, Ripple Trends Above $0.55 Amid Rising Volume: What’s Next?

XRP is down but stable, mirroring the performance of other top altcoins. Encouragingly, even with the recent drain, the coin remains above the primary support at $0.55. At the same time, the rejection yesterday means Ripple bulls are still in contention. Unless there is an unexpected drop, aggressive, risk-off traders can load the dip in anticipation of more gains. All the same, how the coin performs is mainly dependent on Bitcoin and other top altcoins.

As prices consolidate, the coin is flat in the past day. To put in the numbers, the coin is down roughly 5% in the last 24 hours and week. Even so, the sideways movement is amid rising volume, currently standing at over $1.2 billion.

Traders are closely monitoring the following XRP and Ripple news:

• It is emerging that a South Korean lawmaker is fond of crypto. Disclosures made public show that the Member of Parliament holds, among other coins, XRP and BTC. The Southeast Asia nation is pro-crypto and has an enthusiastic population keen on digital assets.
• The drop in momentum translates to a squeeze in the Bollinger Band. If the past guides, then it is likely that XRP will trend higher, following the trends seen in 2017 and 2020.

XRP Price Analysis

XRP/USD is moving inside a tight range.

The coin is confined within the $0.55 and $0.66 zone, clear in the daily chart.

Unless there is a convincing bear breakout, bulls will continue to be in charge.

As things stand, traders can consider loading the dip, buying above $0.55 while targeting $0.66.

However, for the more risk-averse, a close above $0.66 opens up XRP to even more growth.

On the lower end, losses below $0.55 might diffuse the upside momentum, slowing down buyers.