XRP Retraces After $0.55 Rally: Are Ripple Bulls Losing Steam?
XRP rallied strongly on October 17 before recoiling below $0.55. With the drop, Ripple is trading inside the narrow range from October 3. For now, the downtrend remains, and prices might slip below the immediate support, confirming losses of early this month. If this happens, the coin may fall sharply, even to $0.40, in the coming sessions. Technically, buyers stand a chance and if there is strength, the recovery will be in confirmation of Q3 2024 gains. Fundamentals will play a role in shaping this move higher, especially if there is positive news around the Ripple—United States SEC case.
The uptrend remains as XRP consolidates inside the $0.50 and $0.55 zone. In the short term, the coin is flat, losing 1% in 24 hours but remaining up 2% in the previous week. Interestingly, engagement is high after yesterday’s spike, rising to over $1.4 billion in the previous day.
The following XRP and Ripple news developments are worth watching:
- Ripple is joining forces with Mercado Bitcoin to boost payments in Brazil. Through this deal, the payment platform will leverage Ripple’s technology, enhancing global remittance.
- The United States SEC missed a key deadline yesterday when it failed to file an appeal in its tussle with Ripple.
XRP Price Analysis
XRP/USD is flat at press time.
Ripple holders are bullish.
All the same, the path of least resistance follows the October 1 and 2 bear bar.
If the coin loses $0.50, sellers will double down, targeting $0.45.
As it is, aggressive, risk-on traders can short on every high below $0.55 with targets at September and August lows.
The trend will change should there be a sharp expansion above $0.55, preferably with rising trading volume.
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