XRP Bears Dominate Even after Ripple Announces RLUSD Partners: What’s Next for Price?

XRP is flat at press time, underperforming Bitcoin, looking at price action in the daily chart. Even though traders are confident and expecting prices to spike higher in the coming sessions, the failure of buyers to follow through on Monday’s gains is a concern. In the short to medium term, the reaction at $0.50 and $0.55 will shape the trend. A surge above $0.55 will be welcomed and would set the pace for even more gains toward $1, mirroring the impressive performance of Q3 2024. So far, there are political considerations to watch out for while also considering the general crypto sentiment.

Traders are upbeat despite XRP prices flat-lining on the last day. The seventh most valuable coin is up 2% in the past week, buoyed by decent trading volume. Over the past day, trading volume is up $1.2 billion.

The following XRP and Ripple news could shape price action:

• Ripple has announced its exchange partners for the upcoming RLUSD stablecoin. Some of the big names include Bitso, Bitstamp, MoonPay, and Uphold.
• All eyes are on the upcoming Ripple Swell 2024, which will be held less than three weeks before the United States General Election.

XRP Price Analysis

XRP/USD is flat and technically bearish.

Unless there is a conclusive close above $0.55, the path of least resistance is southwards.

The local support is $0.50.

Aggressive traders can short on every attempt higher below $0.55 while aiming at $0.45.

Any upswing above $0.55 could easily see XRP roar to $0.66.

For the risk-off traders, there are better entries for loading if the coin breaks above September highs.

If sellers take over, a close below $0.50 could fast-track the dump to August lows.