XRP Buyers Must Reassure Traders With A Breakout: Will Ripple Defy Gravity?

Dalmas Ngetich•Tuesday, October 8, 2024•1 min read

XRP is down and not out of the woods at press time. Looking at the formation in the daily chart, it is still too early to back buyers especially considering the sell-off of last week. The local resistance remains at $0.55, and it will take considerable effort to push the seventh most valuable coin above this liquidation zone, especially if the underlying momentum is low. In the coming sessions, traders should closely monitor how prices behave between $0.50 and $0.55, aware that sellers remain in control from a top-down preview.

From the candlestick arrangement, prices are springing higher, but traders are waiting for more signals that may negate the downtrend. Considering the recent sell-off, XRP is down 16% in the past week amid rising trading volume at $1.1 billion. Unless there is a fundamental trigger that can lift sentiment and thus price, the path of least resistance remains southwards.

XRP Daily Chart for October 8

Traders are closely monitoring the following XRP and Ripple news:

Although the United States SEC’s decision to appeal the Ripple ruling saw XRP prices slide, one legal expert thinks the regulator made a big mistake. If it wins, the Commission, the analyst said, would get more money from Ripple but won’t have protected anyone.
When the regulator appealed the court ruling last week, whales, on-chain data show, moved over 150 million XRP. Prices fell by over 15%, pushing the coin from around $0.66 to as low as $0.50.