XRP Wavy, Ripple Bulls Find Heavy Resistance At $0.55: What’s Next?

XRP is within a short-term bear formation. From the daily chart, the coin is not only down but also stuck inside the bear bar of September 7. Moreover, bulls have failed to decisively push higher and close above $0.55. If this happens, then buyers stand a chance. Before then, the path of least resistance is downward, at least in the days to come. This outlook changes if there is a fundamental factor driving engagement that influences price action in the sessions ahead.

At press time, XRP is stable, adding 1% as the coin moves inside a tight trade range. What’s more? The coin is down 3% in the previous week as the average trading volume rises but struggles below the all-important $1 billion mark. How sentiment and engagement shape up will largely depend on how prices move in the next few trading days.

The following Ripple and XRP news are worth watching:

• Ripple’s UBRI, an annual event, is ongoing in Switzerland. The event brings together the best blockchain minds in the world. During this event, attendees will explore all interesting innovations and research from nearly 60 universities and research centers partnering with Ripple. 
• Ripple Labs aims to drive tokenization to a new level via the XRP Ledger. A big part of that will be through their partner, OpenEden.

XRP Price Analysis

XRP/USD is under pressure.

The coin is down nearly 20% from July highs and sliding.

Specifically, the short-term trend favors sellers.

This position remains as long as the coin is below $0.55.

The first target will be $0.50, marking September 7 lows.

XRP is also stuck in the early August 2024 range between August 6 and 8.

Conservative traders can consider shorts if $0.45 falls, while there will be longs if $0.66 is broken.