XRP In A “Boring” Range: Will Ripple Bulls Prevent A Collapse Below $0.50?

XRP is flat, looking at the candlestick arrangement in the daily chart. Even with Q3 2024 gains providing leads of what lies ahead, the coin cannot shake off the bear grip of early October. For this reason, unless there is a sharp expansion lifting XRP above $0.55, the path of least resistance will be southwards. The situation is even worse, with the United States unwilling to accept the loss. It is appealing the court of appeal ruling. If they succeed, it could see Ripple pay more, with an injunction against selling XRP to payment processors as a severe blow to global expansion.

At press time, the seventh most valuable is moving sideways. It is flat in the past day and week albeit with decent trading volume above $1.1 billion. Depending on the direction of the final breakout, the current consolidation could end up being a region of consolidation or distribution. If buyers win, reflecting the improvement of Q3 2024, XRP may rally towards $1.

Possible demand catalysts for this leg up include the following XRP and Ripple news:

• In Japan, where Ripple has a significant presence, the country’s leader of the Democratic Party for the People (DPP) is proposing a crypto tax overhaul to spur NFT and web3 growth. Specifically, he is calling for the reduction of the 20% crypto capital gain tax.
• Mark Cuban is also fighting against Kamala Harris’ proposal to tax unrealized capital gains. Cuban, a pro-crypto billionaire, thinks if their proposal goes through, it would kill the economy.

XRP Price Analysis

XRP/USD is flat when writing.

XRP price action remains uneventful as the coin oscillates between $0.50 and $0.55.

Bears of early October are still in control as long as prices are pinned below $0.55.

Accordingly, despite the impressive surge from July through to September, every high might allow aggressive, risk-on traders to short, targeting $0.50 and $0.45.

However, if there is an unexpected spike, confirming the current sideways chop as an accumulation, XRP could easily climb to as high as $0.74, printing fresh 2024 highs.