XRP Shrinks: Will This Grayscale Request To The SEC Drive Ripple To $0.66?

XRP is firm when writing, rejecting attempts to push lower, looking at events in the daily chart. Sellers are in control, and should the coin drop below $0.50, the local support could trigger a massive sell-off, forcing the coin to the $0.45 and $0.40 region. From a top-down preview, the path of least resistance is northwards, shaped by the bulls of Q3 2024. Bulls have a lot to prove at the moment. If there is resumption of September gains, XRP must close above $0.53 and $0.55, reversing losses from October 30.

At spot rates, sellers are in control. If price action remains unchanged today, the bears of early October could flow back, not only forcing XRP below $0.50 but also triggering a possible sell-off that may reverse all Q3 2024 gains. Over the last day, the coin has been down, losing 2%. The average trading volume is around $1.1 billion, which is decent.

Traders are keeping track of the following XRP and Ripple news:

• Although prices are down, one analyst thinks technical candlestick arrangements favor bulls. If anything, the analyst continued, this is the last time to buy cheap.
• The United States SEC has acknowledged a file in which Grayscale is seeking to convert a fund into an ETF. Among the assets held is XRP, though Bitcoin and Ethereum constitute a big part of the product.

XRP Price Analysis

XRP/USD is flat when writing.

The support is at $0.50.

However, with losses on October 31, there is a risk of a follow-through despite the strong rejection earlier today.

Still, clearer buy signals will print should XRP close above $0.53 and $0.55.

If the breakout is with expanding volume, the coin could rally to $0.66 in a buy trend continuation.

On the flip side, any dump below $0.50, with equally high trading volume, is a precursor to losses to $0.45—or worse.