XRP Bearish after US SEC’s Appeal But 84% Of Ripple Holders Bullish: Will $0.50 hold?

Dalmas Ngetich•Monday, October 7, 2024•1 min read

XRP is yet to recover after the hammering of last week. Technically, buyers are still in control. However, much depends on holder sentiment and events from the regulatory front. With the United States SEC appealing the court of appeal ruling, it has been rough for Ripple and XRP. The immediate support is $0.50 while buyers must re-conquer and close above $0.55 for the uptrend to continue. Until this setup is complete, risk-off traders can stay on the sidelines. Any drop below $0.50 could spell more trouble and pain for holders, while a spike above $0.55 will be a welcomed reassurance.

Presently, the path of least resistance is southwards, even with the impressive uptick in Q3 2024. Traders are looking at price action at around the $0.50 and $0.55 zone, aware that buyers need to break off and peel back last week’s losses. Before then, XRP is down 17% in the past week while trading volume over the last day is low, at around $700 million.

XRP Daily Chart for October 7

Ripple and XRP Traders are closely monitoring the following trending news events:

Regardless of the bearish sentiment after the United States SEC’s appeal, XRP holders and traders are bullish. In a CMC poll, 84% of holders are defiant, expecting prices to steadily print higher.
Even with high confidence, one analyst thinks XRP could retrace to as low as $0.45 before a major price rally begins.