XRP Drops Pushing HODLer Losses Deeper Into Red, VARA Endorses Ripple

XRP is selling off looking at the performance in the daily chart. Even though the performance of this coin largely depends on fundamental factors, the current trajectory is mainly influenced by the performance across the board. The drop in Bitcoin and top altcoin prices suggests that there is weakness. As a result, XRP is still trending below $0.55, printing discouraging lower lows.

A look at the daily chart points to sellers taking control, pushing prices lower. As it is, XRP is stable on the last day but down 3% in the previous trading week. If sellers continue flowing in, there could be more losses in the offing. However, looking at the average trading volume, there is a notable contraction. Participation is below $1 billion, lower than it was on June 24.

The following XRP and Ripple news are trending:

• As XRP prints lower lows, there have been over $30 million in realized losses in the past ten days. Even so, there could be more should prices tank below the lower limit of the support zone at around $0.46.
• The Dubai financial authority, VARA, has already approved XRP, endorsing it as a utility enabling global money transfer. The approval is a massive win amid the ongoing Ripple versus the United States SEC tussle.

XRP Price Analysis

XRP/USD is bearish but within very tight trade ranges.

Since the coin is within a bearish breakout formation from mid-April, every high below $0.55 could offer entries for sellers targeting $0.46 and $0.40.

This would only change if prices recover sharply, breaking above the current extended consolidation.

A close below $0.46 could fast-track the drop to $0.40 and $0.35.

On the flip side, gains above $0.55 open XRP to $0.74.