XRP Shakes Off Weakness: Are Q3 2024 Ripple Bulls Back And Targeting $0.66?

XRP is surprisingly firm and moving higher in alignment with the gains of October 14. The likelihood of the coin closing above $0.55 by the end of the day is elevated for now. Nonetheless, there must be evidence. The leg up must be pushed by active traders angling to reverse the losses of early October. Improving crypto sentiment, rising Bitcoin prices and Ripple’s willingness to tackle the United States SEC are the primary sources of strength. Any sustained breach of $2,800 could spark a wave of demand, driving the seventh most valuable coin to $1 in the medium term.

Traders are confident of what lies ahead. In the past day, XRP added 3% while volume rose to over $1.3 billion. Conservative traders can stay on the sidelines unless there is a convincing close above the reaction levels at $0.55 or below $0.50. Technically, the downtrend remains after the slide from September highs.

The following XRP and Ripple trending news are worth watching:

• Sentiment remains bullish, with over 85% of XRP holders expecting prices to shake off weakness and soar higher. It comes as institutions shift their attention to quality altcoins, including XRP.
• Ripple and the International Rescue Committee are collaborating to innovate on cash relief and cross-border aid transfer using the XRP Ledger. The blockchain will also power the RLUSD, which is set to launch in the coming weeks.

XRP Price Analysis

XRP/USD is under pressure, but bulls are not yielding.

Technically, the coin is bullish from a top-down preview, looking at price action throughout Q3 2024.

The problem is the dump of early October.

For prices to increase, there must be a firm close above $0.55, preferably with rising volume.

Before then, XRP can easily dump below $0.50 in alignment with October 1 and 2 sell-off.

Any expansion above $0.55 might be the base for trend continuation, targeting $0.66 and $1 in the coming sessions.